Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$986/mo
Lowest payment- Down payment
- $61,172
- Funds due
- $69,323
- Interest + MI left
- $158,041
- First ends
- Jan 2056
Assumption
Assumption + second
$1,324/mo
+$338/mo- Down payment
- $19,172
- Funds due
- $28,593
- Interest + MI left
- $237,700
- First ends
- Jan 2056
New loan
New conventional
$1,343/mo
+$356/mo- Down payment
- $19,172
- Funds due
- $25,356
- Interest + MI left
- $251,423
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,828 | $123,828 | $165,828 |
| Second mortgage | — | $42,000 | — |
| First P&I | $767.52 | $767.52 | $1,148.16 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $57.31 | $57.31 | $33.17 |
| Taxes, insurance & HOA | $161.25 | $161.25 | $161.25 |
| Total housing payment | $986.08 | $1,324.02 | $1,342.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,172
Closing costs & prepaids$9,422
Usable credit−$0
Total buyer cash needed$28,593
Earnest money paid−$0
Remaining funds due$28,593
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$33.75
Prepaid interest, first (2 days)$42.20
Prepaid interest, second (2 days)$20.71
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 closing29 yr 2 moOf the original 30-year loan at 6.220%
Interest already paid$6,454Through Nov 2026
Assumption only · ends Jan 2056$158,041
Assumption + second · ends Jan 2056, second Dec 2056$237,700
New conventional · ends Dec 2056$251,423