Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$749/mo
Lowest payment- Down payment
- $138,843
- Funds due
- $147,421
- Interest + MI left
- $21,844
- First ends
- Jan 2040
Assumption
Assumption + second
$1,629/mo
+$881/mo- Down payment
- $18,843
- Funds due
- $28,698
- Interest + MI left
- $218,831
- First ends
- Jan 2040
New loan
New conventional
$1,480/mo
+$731/mo- Down payment
- $18,843
- Funds due
- $25,459
- Interest + MI left
- $244,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,057 | $41,057 | $161,057 |
| Second mortgage | — | $120,000 | — |
| First P&I | $371.11 | $371.11 | $1,115.13 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $45.05 | $45.05 | $32.21 |
| Taxes, insurance & HOA | $332.75 | $332.75 | $332.75 |
| Total housing payment | $748.91 | $1,629.42 | $1,480.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,843
Closing costs & prepaids$9,855
Usable credit−$0
Total buyer cash needed$28,698
Earnest money paid−$0
Remaining funds due$28,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$548.25
Prepaid interest, first (1 days)$6.47
Prepaid interest, second (1 days)$26.30
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 closing13 yr 2 moOf the original 30-year loan at 5.750%
Interest already paid$52,429Through Nov 2026
Assumption only · ends Jan 2040$21,844
Assumption + second · ends Jan 2040, second Dec 2056$218,831
New conventional · ends Dec 2056$244,157