Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,604/mo
Lowest payment- Down payment
- $66,850
- Funds due
- $75,814
- Interest + MI left
- $116,695
- First ends
- Jul 2044
Assumption
Assumption + second
$1,966/mo
+$362/mo- Down payment
- $21,850
- Funds due
- $32,086
- Interest + MI left
- $202,044
- First ends
- Jul 2044
New loan
New conventional
$1,704/mo
+$100/mo- Down payment
- $21,850
- Funds due
- $28,818
- Interest + MI left
- $292,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,150 | $148,150 | $193,150 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,204.14 | $1,204.14 | $1,337.33 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $72.19 | $72.19 | $38.63 |
| Taxes, insurance & HOA | $327.83 | $327.83 | $327.83 |
| Total housing payment | $1,604.16 | $1,966.24 | $1,703.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,850
Closing costs & prepaids$10,236
Usable credit−$0
Total buyer cash needed$32,086
Earnest money paid−$0
Remaining funds due$32,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$533.50
Prepaid interest, first (2 days)$55.36
Prepaid interest, second (2 days)$22.19
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 closing17 yr 8 moOf the original 20-year loan at 6.820%
Interest already paid$24,366Through Nov 2026
Assumption only · ends Jul 2044$116,695
Assumption + second · ends Jul 2044, second Dec 2056$202,044
New conventional · ends Dec 2056$292,886