Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $187,679
- Funds due
- $197,291
- Interest + MI left
- $174,673
- First ends
- Jun 2056
Assumption
Assumption + second
$2,225/mo
+$1,137/mo- Down payment
- $32,679
- Funds due
- $43,575
- Interest + MI left
- $429,113
- First ends
- Jun 2056
New loan
New conventional
$2,270/mo
+$1,182/mo- Down payment
- $32,679
- Funds due
- $40,200
- Interest + MI left
- $443,324
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,321 | $137,321 | $292,321 |
| Second mortgage | — | $155,000 | — |
| First P&I | $837.16 | $837.16 | $2,023.97 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $63.25 | $63.25 | $58.46 |
| Taxes, insurance & HOA | $187.75 | $187.75 | $187.75 |
| Total housing payment | $1,088.16 | $2,225.50 | $2,270.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,679
Closing costs & prepaids$10,895
Usable credit−$0
Total buyer cash needed$43,575
Earnest money paid−$0
Remaining funds due$43,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$113.25
Prepaid interest, first (1 days)$22.99
Prepaid interest, second (1 days)$33.97
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 closing29 yr 7 moOf the original 30-year loan at 6.110%
Interest already paid$3,506Through Nov 2026
Assumption only · ends Jun 2056$174,673
Assumption + second · ends Jun 2056, second Dec 2056$429,113
New conventional · ends Dec 2056$443,324