Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
Lowest payment- Down payment
- $174,538
- Funds due
- $184,809
- Interest + MI left
- $57,053
- First ends
- Jun 2038
Assumption
Assumption + second
$2,924/mo
+$1,057/mo- Down payment
- $30,538
- Funds due
- $42,091
- Interest + MI left
- $293,437
- First ends
- Jun 2038
New loan
New conventional
$2,412/mo
+$545/mo- Down payment
- $30,538
- Funds due
- $38,740
- Interest + MI left
- $408,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,461 | $125,461 | $269,461 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,222.44 | $1,222.44 | $1,865.69 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $152.50 | $152.50 | $53.89 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $1,867.61 | $2,924.23 | $2,412.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,538
Closing costs & prepaids$11,553
Usable credit−$0
Total buyer cash needed$42,091
Earnest money paid−$0
Remaining funds due$42,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$1,028.00
Prepaid interest, first (1 days)$18.91
Prepaid interest, second (1 days)$31.56
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 closing11 yr 7 moOf the original 30-year loan at 5.500%
Interest already paid$180,322Through Nov 2026
Assumption only · ends Jun 2038$57,053
Assumption + second · ends Jun 2038, second Dec 2056$293,437
New conventional · ends Dec 2056$408,602