Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,396/mo
Lowest payment- Down payment
- $88,795
- Funds due
- $97,526
- Interest + MI left
- $131,626
- First ends
- Jul 2046
Assumption
Assumption + second
$1,911/mo
+$515/mo- Down payment
- $24,795
- Funds due
- $34,807
- Interest + MI left
- $253,011
- First ends
- Jul 2046
New loan
New conventional
$1,719/mo
+$322/mo- Down payment
- $24,795
- Funds due
- $31,511
- Interest + MI left
- $333,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,205 | $156,205 | $220,205 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,174.28 | $1,174.28 | $1,524.65 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $72.19 | $72.19 | $44.04 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $1,396.47 | $1,911.42 | $1,718.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,795
Closing costs & prepaids$10,012
Usable credit−$0
Total buyer cash needed$34,807
Earnest money paid−$0
Remaining funds due$34,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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
Prepaid interest, first (2 days)$55.63
Prepaid interest, second (2 days)$31.56
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 closing19 yr 8 moOf the original 20-year loan at 6.500%
Interest already paid$3,402Through Nov 2026
Assumption only · ends Jul 2046$131,626
Assumption + second · ends Jul 2046, second Dec 2056$253,011
New conventional · ends Dec 2056$333,912