Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$649/mo
Lowest payment- Down payment
- $56,684
- Funds due
- $64,125
- Interest + MI left
- $15,383
- First ends
- Jul 2037
Assumption
Assumption + second
$1,027/mo
+$378/mo- Down payment
- $9,684
- Funds due
- $18,398
- Interest + MI left
- $104,525
- First ends
- Jul 2037
New loan
New conventional
$824/mo
+$175/mo- Down payment
- $9,684
- Funds due
- $15,249
- Interest + MI left
- $121,709
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $33,306 | $33,306 | $80,306 |
| Second mortgage | — | $47,000 | — |
| First P&I | $355.62 | $355.62 | $556.02 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $41.30 | $41.30 | $16.06 |
| Taxes, insurance & HOA | $251.58 | $251.58 | $251.58 |
| Total housing payment | $648.51 | $1,026.68 | $823.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,684
Closing costs & prepaids$8,714
Usable credit−$0
Total buyer cash needed$18,398
Earnest money paid−$0
Remaining funds due$18,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$899.90
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)$304.75
Prepaid interest, first (2 days)$11.24
Prepaid interest, second (2 days)$23.18
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 closing10 yr 8 moOf the original 30-year loan at 6.160%
Interest already paid$57,500Through Nov 2026
Assumption only · ends Jul 2037$15,383
Assumption + second · ends Jul 2037, second Dec 2056$104,525
New conventional · ends Dec 2056$121,709