Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,566/mo
+$1,718/mo- Down payment
- $146,143
- Funds due
- $156,814
- Interest + MI left
- $60,756
- First ends
- Mar 2033
Assumption
Assumption + second
$5,336/mo
+$2,488/mo- Down payment
- $41,143
- Funds due
- $53,110
- Interest + MI left
- $233,119
- First ends
- Mar 2033
New loan
New conventional
$2,848/mo
Lowest payment- Down payment
- $41,143
- Funds due
- $49,671
- Interest + MI left
- $551,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,857 | $258,857 | $363,857 |
| Second mortgage | — | $105,000 | — |
| First P&I | $4,046.19 | $4,046.19 | $2,519.27 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $263.61 | $263.61 | $72.77 |
| Taxes, insurance & HOA | $255.75 | $255.75 | $255.75 |
| Total housing payment | $4,565.54 | $5,335.99 | $2,847.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,143
Closing costs & prepaids$11,967
Usable credit−$0
Total buyer cash needed$53,110
Earnest money paid−$0
Remaining funds due$53,110
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$317.25
Prepaid interest, first (2 days)$78.58
Prepaid interest, second (2 days)$46.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing6 yr 4 moOf the original 10-year loan at 5.540%
Interest already paid$64,739Through Nov 2026
Assumption only · ends Mar 2033$60,756
Assumption + second · ends Mar 2033, second Dec 2056$233,119
New conventional · ends Dec 2056$551,741