Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,756/mo
Lowest payment- Down payment
- $134,019
- Funds due
- $143,609
- Interest + MI left
- $54,718
- First ends
- Jan 2038
Assumption
Assumption + second
$2,555/mo
+$800/mo- Down payment
- $25,019
- Funds due
- $35,907
- Interest + MI left
- $233,648
- First ends
- Jan 2038
New loan
New conventional
$2,028/mo
+$272/mo- Down payment
- $25,019
- Funds due
- $32,611
- Interest + MI left
- $341,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,981 | $115,981 | $224,981 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,189.70 | $1,189.70 | $1,557.72 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $140.56 | $140.56 | $45.00 |
| Taxes, insurance & HOA | $425.42 | $425.42 | $425.42 |
| Total housing payment | $1,755.67 | $2,555.48 | $2,028.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,019
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$35,907
Earnest money paid−$0
Remaining funds due$35,907
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$826.25
Prepaid interest, first (2 days)$38.13
Prepaid interest, second (2 days)$47.78
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 closing11 yr 2 moOf the original 30-year loan at 6.000%
Interest already paid$186,421Through Nov 2026
Assumption only · ends Jan 2038$54,718
Assumption + second · ends Jan 2038, second Dec 2056$233,648
New conventional · ends Dec 2056$341,199