Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $113,426
- Funds due
- $122,616
- Interest + MI left
- $36,420
- First ends
- Jun 2037
Assumption
Assumption + second
$2,155/mo
+$756/mo- Down payment
- $19,426
- Funds due
- $30,075
- Interest + MI left
- $214,704
- First ends
- Jun 2037
New loan
New conventional
$1,654/mo
+$255/mo- Down payment
- $19,426
- Funds due
- $26,801
- Interest + MI left
- $249,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,574 | $76,574 | $170,574 |
| Second mortgage | — | $94,000 | — |
| First P&I | $840.11 | $840.11 | $1,155.53 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $94.15 | $94.15 | $34.11 |
| Taxes, insurance & HOA | $464.00 | $464.00 | $464.00 |
| Total housing payment | $1,398.26 | $2,154.60 | $1,653.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,426
Closing costs & prepaids$10,648
Usable credit−$0
Total buyer cash needed$30,075
Earnest money paid−$0
Remaining funds due$30,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$228.00
Initial HOA (3 months)$714.00
Prepaid interest, first (9 days)$122.73
Prepaid interest, second (9 days)$208.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing10 yr 6 moOf the original 30-year loan at 6.5%
Interest already paid$140,245Through Dec 2026
Assumption only · ends Jun 2037$36,420
Assumption + second · ends Jun 2037, second Jan 2057$214,704
New conventional · ends Jan 2057$249,373