Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $41,744
- Funds due
- $51,170
- Interest + MI left
- $277,420
- First ends
- Sep 2054
Assumption
Assumption + second
$2,154/mo
+$296/mo- Down payment
- $12,744
- Funds due
- $23,429
- Interest + MI left
- $354,804
- First ends
- Sep 2054
New loan
New conventional
$2,044/mo
+$186/mo- Down payment
- $12,744
- Funds due
- $20,251
- Interest + MI left
- $354,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,756 | $203,756 | $232,756 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,376.72 | $1,376.72 | $1,611.56 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $95.61 | $95.61 | $46.55 |
| Taxes, insurance & HOA | $385.83 | $385.83 | $385.83 |
| Total housing payment | $1,858.17 | $2,153.68 | $2,043.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,744
Closing costs & prepaids$10,686
Usable credit−$0
Total buyer cash needed$23,429
Earnest money paid−$0
Remaining funds due$23,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,455.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$272.50
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$38.63
Prepaid interest, second (1 days)$9.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 10 moOf the original 30-year loan at 6.920%
Interest already paid$30,937Through Nov 2026
Assumption only · ends Sep 2054$277,420
Assumption + second · ends Sep 2054, second Dec 2056$354,804
New conventional · ends Dec 2056$354,200