Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$976/mo
Lowest payment- Down payment
- $92,003
- Funds due
- $100,640
- Interest + MI left
- $139,829
- First ends
- Apr 2055
Assumption
Assumption + second
$1,555/mo
+$579/mo- Down payment
- $20,003
- Funds due
- $30,050
- Interest + MI left
- $276,387
- First ends
- Apr 2055
New loan
New conventional
$1,485/mo
+$509/mo- Down payment
- $20,003
- Funds due
- $26,785
- Interest + MI left
- $263,039
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,897 | $107,897 | $179,897 |
| Second mortgage | — | $72,000 | — |
| First P&I | $695.22 | $695.22 | $1,218.68 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $50.41 | $50.41 | $35.98 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $975.63 | $1,554.96 | $1,484.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,003
Closing costs & prepaids$10,047
Usable credit−$0
Total buyer cash needed$30,050
Earnest money paid−$0
Remaining funds due$30,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$172.93
Prepaid interest, second (9 days)$159.78
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 closing28 yr 4 moOf the original 30-year loan at 6.5%
Interest already paid$11,810Through Dec 2026
Assumption only · ends Apr 2055$139,829
Assumption + second · ends Apr 2055, second Jan 2057$276,387
New conventional · ends Jan 2057$263,039