Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $123,814
- Funds due
- $133,498
- Interest + MI left
- $59,959
- First ends
- Sep 2038
Assumption
Assumption + second
$2,575/mo
+$797/mo- Down payment
- $24,814
- Funds due
- $35,797
- Interest + MI left
- $247,727
- First ends
- Sep 2038
New loan
New conventional
$2,019/mo
+$240/mo- Down payment
- $24,814
- Funds due
- $32,497
- Interest + MI left
- $324,742
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,186 | $115,186 | $214,186 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,153.99 | $1,153.99 | $1,482.98 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $131.78 | $131.78 | $42.84 |
| Taxes, insurance & HOA | $493.00 | $493.00 | $493.00 |
| Total housing payment | $1,778.77 | $2,575.35 | $2,018.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,814
Closing costs & prepaids$10,983
Usable credit−$0
Total buyer cash needed$35,797
Earnest money paid−$0
Remaining funds due$35,797
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$1,029.00
Prepaid interest, first (2 days)$39.89
Prepaid interest, second (2 days)$48.82
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 10 moOf the original 30-year loan at 6.320%
Interest already paid$180,711Through Nov 2026
Assumption only · ends Sep 2038$59,959
Assumption + second · ends Sep 2038, second Dec 2056$247,727
New conventional · ends Dec 2056$324,742