Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,950/mo
Lowest payment- Down payment
- $265,312
- Funds due
- $276,478
- Interest + MI left
- $51,051
- First ends
- Sep 2036
Assumption
Assumption + second
$3,576/mo
+$1,626/mo- Down payment
- $38,312
- Funds due
- $50,824
- Interest + MI left
- $409,503
- First ends
- Sep 2036
New loan
New conventional
$2,932/mo
+$982/mo- Down payment
- $38,312
- Funds due
- $47,390
- Interest + MI left
- $510,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,688 | $109,688 | $336,688 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,278.37 | $1,278.37 | $2,331.16 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $138.62 | $138.62 | $67.34 |
| Taxes, insurance & HOA | $533.17 | $533.17 | $533.17 |
| Total housing payment | $1,950.16 | $3,576.41 | $2,931.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,312
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$50,824
Earnest money paid−$0
Remaining funds due$50,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,149.50
Prepaid interest, first (2 days)$40.99
Prepaid interest, second (2 days)$96.40
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 closing9 yr 10 moOf the original 30-year loan at 6.820%
Interest already paid$223,362Through Nov 2026
Assumption only · ends Sep 2036$51,051
Assumption + second · ends Sep 2036, second Dec 2056$409,503
New conventional · ends Dec 2056$510,543