Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$978/mo
Lowest payment- Down payment
- $172,227
- Funds due
- $180,960
- Interest + MI left
- $22,844
- First ends
- Jan 2036
Assumption
Assumption + second
$2,071/mo
+$1,093/mo- Down payment
- $23,227
- Funds due
- $33,276
- Interest + MI left
- $267,435
- First ends
- Jan 2036
New loan
New conventional
$1,686/mo
+$708/mo- Down payment
- $23,227
- Funds due
- $29,993
- Interest + MI left
- $313,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,673 | $57,673 | $206,673 |
| Second mortgage | — | $149,000 | — |
| First P&I | $683.76 | $683.76 | $1,430.96 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $80.52 | $80.52 | $41.33 |
| Taxes, insurance & HOA | $213.33 | $213.33 | $213.33 |
| Total housing payment | $977.62 | $2,070.93 | $1,685.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,227
Closing costs & prepaids$10,048
Usable credit−$0
Total buyer cash needed$33,276
Earnest money paid−$0
Remaining funds due$33,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$190.00
Prepaid interest, first (2 days)$19.06
Prepaid interest, second (2 days)$65.32
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 closing9 yr 2 moOf the original 30-year loan at 6.030%
Interest already paid$114,933Through Nov 2026
Assumption only · ends Jan 2036$22,844
Assumption + second · ends Jan 2036, second Dec 2056$267,435
New conventional · ends Dec 2056$313,392