Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$631/mo
Lowest payment- Down payment
- $154,203
- Funds due
- $162,248
- Interest + MI left
- $5,375
- First ends
- Oct 2031
Assumption
Assumption + second
$1,629/mo
+$998/mo- Down payment
- $18,203
- Funds due
- $27,558
- Interest + MI left
- $228,626
- First ends
- Oct 2031
New loan
New conventional
$1,288/mo
+$656/mo- Down payment
- $18,203
- Funds due
- $24,322
- Interest + MI left
- $237,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,796 | $20,796 | $156,796 |
| Second mortgage | — | $136,000 | — |
| First P&I | $415.17 | $415.17 | $1,085.62 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $45.34 | $45.34 | $31.36 |
| Taxes, insurance & HOA | $170.75 | $170.75 | $170.75 |
| Total housing payment | $631.26 | $1,629.18 | $1,287.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,203
Closing costs & prepaids$9,355
Usable credit−$0
Total buyer cash needed$27,558
Earnest money paid−$0
Remaining funds due$27,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.99
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)$62.25
Prepaid interest, first (2 days)$7.69
Prepaid interest, second (2 days)$59.62
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 closing4 yr 11 moOf the original 30-year loan at 6.750%
Interest already paid$81,751Through Nov 2026
Assumption only · ends Oct 2031$5,375
Assumption + second · ends Oct 2031, second Dec 2056$228,626
New conventional · ends Dec 2056$237,729