Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$431/mo
Lowest payment- Down payment
- $106,843
- Funds due
- $114,948
- Interest + MI left
- $3,961
- First ends
- Mar 2055
Assumption
Assumption + second
$1,195/mo
+$764/mo- Down payment
- $11,843
- Funds due
- $21,245
- Interest + MI left
- $184,142
- First ends
- Mar 2055
New loan
New conventional
$1,108/mo
+$677/mo- Down payment
- $11,843
- Funds due
- $18,068
- Interest + MI left
- $148,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,057 | $3,057 | $98,057 |
| Second mortgage | — | $95,000 | — |
| First P&I | $19.70 | $19.70 | $678.93 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $1.43 | $1.43 | $19.61 |
| Taxes, insurance & HOA | $409.92 | $409.92 | $409.92 |
| Total housing payment | $431.04 | $1,195.43 | $1,108.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,843
Closing costs & prepaids$9,402
Usable credit−$0
Total buyer cash needed$21,245
Earnest money paid−$0
Remaining funds due$21,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,099.00
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)$779.75
Prepaid interest, first (2 days)$1.09
Prepaid interest, second (2 days)$46.85
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 closing28 yr 4 moOf the original 30-year loan at 6.500%
Interest already paid$335Through Nov 2026
Assumption only · ends Mar 2055$3,961
Assumption + second · ends Mar 2055, second Dec 2056$184,142
New conventional · ends Dec 2056$148,612