Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$814/mo
Lowest payment- Down payment
- $105,118
- Funds due
- $113,023
- Interest + MI left
- $9,419
- First ends
- Aug 2034
Assumption
Assumption + second
$1,538/mo
+$724/mo- Down payment
- $15,118
- Funds due
- $24,318
- Interest + MI left
- $180,117
- First ends
- Aug 2034
New loan
New conventional
$1,168/mo
+$354/mo- Down payment
- $15,118
- Funds due
- $21,118
- Interest + MI left
- $204,558
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,882 | $44,882 | $134,882 |
| Second mortgage | — | $90,000 | — |
| First P&I | $551.92 | $551.92 | $933.90 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $54.65 | $54.65 | $26.98 |
| Taxes, insurance & HOA | $207.25 | $207.25 | $207.25 |
| Total housing payment | $813.82 | $1,537.98 | $1,168.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,118
Closing costs & prepaids$9,200
Usable credit−$0
Total buyer cash needed$24,318
Earnest money paid−$0
Remaining funds due$24,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$171.75
Prepaid interest, first (2 days)$8.63
Prepaid interest, second (2 days)$44.38
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 closing7 yr 9 moOf the original 15-year loan at 3.510%
Interest already paid$15,748Through Nov 2026
Assumption only · ends Aug 2034$9,419
Assumption + second · ends Aug 2034, second Dec 2056$180,117
New conventional · ends Dec 2056$204,558