Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$836/mo
Lowest payment- Down payment
- $144,336
- Funds due
- $152,831
- Interest + MI left
- $9,933
- First ends
- May 2036
Assumption
Assumption + second
$1,746/mo
+$910/mo- Down payment
- $20,336
- Funds due
- $30,326
- Interest + MI left
- $213,485
- First ends
- May 2036
New loan
New conventional
$1,483/mo
+$647/mo- Down payment
- $20,336
- Funds due
- $27,116
- Interest + MI left
- $262,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,664 | $55,664 | $179,664 |
| Second mortgage | — | $124,000 | — |
| First P&I | $546.84 | $546.84 | $1,217.11 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $59.17 | $59.17 | $35.93 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $836.01 | $1,745.88 | $1,483.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,336
Closing costs & prepaids$9,990
Usable credit−$0
Total buyer cash needed$30,326
Earnest money paid−$0
Remaining funds due$30,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$30.75
Prepaid interest, second (9 days)$244.60
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 closing9 yr 5 moOf the original 15-year loan at 2.24%
Interest already paid$8,767Through Dec 2026
Assumption only · ends May 2036$9,933
Assumption + second · ends May 2036, second Jan 2057$213,485
New conventional · ends Jan 2057$262,663