Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$719/mo
Lowest payment- Down payment
- $133,839
- Funds due
- $142,016
- Interest + MI left
- $10,847
- First ends
- Aug 2035
Assumption
Assumption + second
$1,570/mo
+$851/mo- Down payment
- $17,839
- Funds due
- $27,316
- Interest + MI left
- $201,267
- First ends
- Aug 2035
New loan
New conventional
$1,326/mo
+$607/mo- Down payment
- $17,839
- Funds due
- $24,091
- Interest + MI left
- $235,250
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,161 | $39,161 | $155,161 |
| Second mortgage | — | $116,000 | — |
| First P&I | $445.22 | $445.22 | $1,074.30 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $53.03 | $53.03 | $31.03 |
| Taxes, insurance & HOA | $220.83 | $220.83 | $220.83 |
| Total housing payment | $719.08 | $1,570.25 | $1,326.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,839
Closing costs & prepaids$9,477
Usable credit−$0
Total buyer cash needed$27,316
Earnest money paid−$0
Remaining funds due$27,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,730.00
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)$212.50
Prepaid interest, first (2 days)$8.88
Prepaid interest, second (2 days)$50.85
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 closing8 yr 9 moOf the original 21-year loan at 4.140%
Interest already paid$29,738Through Nov 2026
Assumption only · ends Aug 2035$10,847
Assumption + second · ends Aug 2035, second Dec 2056$201,267
New conventional · ends Dec 2056$235,250