Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,265/mo
Lowest payment- Down payment
- $107,124
- Funds due
- $115,546
- Interest + MI left
- $47,740
- First ends
- Jun 2038
Assumption
Assumption + second
$1,965/mo
+$700/mo- Down payment
- $20,124
- Funds due
- $29,817
- Interest + MI left
- $212,748
- First ends
- Jun 2038
New loan
New conventional
$1,492/mo
+$227/mo- Down payment
- $20,124
- Funds due
- $26,565
- Interest + MI left
- $272,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,876 | $92,876 | $179,876 |
| Second mortgage | — | $87,000 | — |
| First P&I | $946.90 | $946.90 | $1,245.43 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $107.45 | $107.45 | $35.98 |
| Taxes, insurance & HOA | $210.25 | $210.25 | $210.25 |
| Total housing payment | $1,264.60 | $1,964.63 | $1,491.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,124
Closing costs & prepaids$9,693
Usable credit−$0
Total buyer cash needed$29,817
Earnest money paid−$0
Remaining funds due$29,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$180.75
Prepaid interest, first (1 days)$16.23
Prepaid interest, second (1 days)$21.45
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 closing11 yr 7 moOf the original 30-year loan at 6.380%
Interest already paid$150,442Through Nov 2026
Assumption only · ends Jun 2038$47,740
Assumption + second · ends Jun 2038, second Dec 2056$212,748
New conventional · ends Dec 2056$272,794