Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$901/mo
Lowest payment- Down payment
- $72,928
- Funds due
- $80,875
- Interest + MI left
- $15,707
- First ends
- Oct 2035
Assumption
Assumption + second
$1,392/mo
+$491/mo- Down payment
- $11,928
- Funds due
- $21,155
- Interest + MI left
- $131,403
- First ends
- Oct 2035
New loan
New conventional
$1,071/mo
+$170/mo- Down payment
- $11,928
- Funds due
- $17,984
- Interest + MI left
- $156,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,071 | $42,071 | $103,071 |
| Second mortgage | — | $61,000 | — |
| First P&I | $503.48 | $503.48 | $713.64 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $61.11 | $61.11 | $20.61 |
| Taxes, insurance & HOA | $336.25 | $336.25 | $336.25 |
| Total housing payment | $900.84 | $1,391.66 | $1,070.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,928
Closing costs & prepaids$9,227
Usable credit−$0
Total buyer cash needed$21,155
Earnest money paid−$0
Remaining funds due$21,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,149.99
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)$558.75
Prepaid interest, first (2 days)$13.26
Prepaid interest, second (2 days)$30.08
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 11 moOf the original 30-year loan at 5.750%
Interest already paid$83,176Through Nov 2026
Assumption only · ends Oct 2035$15,707
Assumption + second · ends Oct 2035, second Dec 2056$131,403
New conventional · ends Dec 2056$156,273