Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$974/mo
Lowest payment- Down payment
- $152,487
- Funds due
- $161,313
- Interest + MI left
- $29,051
- First ends
- Jun 2038
Assumption
Assumption + second
$1,935/mo
+$961/mo- Down payment
- $21,487
- Funds due
- $31,621
- Interest + MI left
- $244,095
- First ends
- Jun 2038
New loan
New conventional
$1,665/mo
+$691/mo- Down payment
- $21,487
- Funds due
- $28,357
- Interest + MI left
- $290,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $60,513 | $60,513 | $191,513 |
| Second mortgage | — | $131,000 | — |
| First P&I | $601.33 | $601.33 | $1,326.00 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $71.97 | $71.97 | $38.30 |
| Taxes, insurance & HOA | $300.75 | $300.75 | $300.75 |
| Total housing payment | $974.05 | $1,935.28 | $1,665.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,487
Closing costs & prepaids$10,134
Usable credit−$0
Total buyer cash needed$31,621
Earnest money paid−$0
Remaining funds due$31,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,130.00
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)$452.25
Prepaid interest, first (2 days)$19.50
Prepaid interest, second (2 days)$57.42
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 closing11 yr 7 moOf the original 30-year loan at 5.880%
Interest already paid$91,807Through Nov 2026
Assumption only · ends Jun 2038$29,051
Assumption + second · ends Jun 2038, second Dec 2056$244,095
New conventional · ends Dec 2056$290,442