Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $66,619
- Funds due
- $75,754
- Interest + MI left
- $202,137
- First ends
- Jun 2056
Assumption
Assumption + second
$1,767/mo
+$362/mo- Down payment
- $21,619
- Funds due
- $32,015
- Interest + MI left
- $287,486
- First ends
- Jun 2056
New loan
New conventional
$1,772/mo
+$367/mo- Down payment
- $21,619
- Funds due
- $28,751
- Interest + MI left
- $293,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,281 | $148,281 | $193,281 |
| Second mortgage | — | $45,000 | — |
| First P&I | $941.54 | $941.54 | $1,338.24 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $68.27 | $68.27 | $38.66 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,404.82 | $1,766.90 | $1,771.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,619
Closing costs & prepaids$10,397
Usable credit−$0
Total buyer cash needed$32,015
Earnest money paid−$0
Remaining funds due$32,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$735.00
Prepaid interest, first (1 days)$26.41
Prepaid interest, second (1 days)$11.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing29 yr 7 moOf the original 30-year loan at 6.500%
Interest already paid$4,027Through Nov 2026
Assumption only · ends Jun 2056$202,137
Assumption + second · ends Jun 2056, second Dec 2056$287,486
New conventional · ends Dec 2056$293,124