Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,025/mo
Lowest payment- Down payment
- $194,343
- Funds due
- $203,505
- Interest + MI left
- $32,828
- First ends
- Dec 2037
Assumption
Assumption + second
$2,258/mo
+$1,233/mo- Down payment
- $26,343
- Funds due
- $36,829
- Interest + MI left
- $308,609
- First ends
- Dec 2037
New loan
New conventional
$1,919/mo
+$893/mo- Down payment
- $26,343
- Funds due
- $33,513
- Interest + MI left
- $354,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $65,557 | $65,557 | $233,557 |
| Second mortgage | — | $168,000 | — |
| First P&I | $692.87 | $692.87 | $1,617.10 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $77.65 | $77.65 | $46.71 |
| Taxes, insurance & HOA | $254.92 | $254.92 | $254.92 |
| Total housing payment | $1,025.44 | $2,258.16 | $1,918.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,343
Closing costs & prepaids$10,486
Usable credit−$0
Total buyer cash needed$36,829
Earnest money paid−$0
Remaining funds due$36,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$314.75
Prepaid interest, first (2 days)$23.35
Prepaid interest, second (2 days)$73.64
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$113,219Through Nov 2026
Assumption only · ends Dec 2037$32,828
Assumption + second · ends Dec 2037, second Dec 2056$308,609
New conventional · ends Dec 2056$354,158