Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$636/mo
Lowest payment- Down payment
- $165,050
- Funds due
- $173,897
- Interest + MI left
- $120,460
- First ends
- Sep 2065
Assumption
Assumption + second
$1,678/mo
+$1,042/mo- Down payment
- $23,050
- Funds due
- $33,427
- Interest + MI left
- $353,560
- First ends
- Sep 2065
New loan
New conventional
$1,648/mo
+$1,013/mo- Down payment
- $23,050
- Funds due
- $30,122
- Interest + MI left
- $295,244
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,950 | $59,950 | $201,950 |
| Second mortgage | — | $142,000 | — |
| First P&I | $368.32 | $368.32 | $1,368.08 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $27.65 | $27.65 | $40.39 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $635.97 | $1,677.91 | $1,648.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,050
Closing costs & prepaids$10,376
Usable credit−$0
Total buyer cash needed$33,427
Earnest money paid−$0
Remaining funds due$33,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Prepaid interest, first (9 days)$101.26
Prepaid interest, second (9 days)$280.11
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 closing38 yr 9 moOf the original 40-year loan at 6.85%
Interest already paid$5,151Through Dec 2026
Assumption only · ends Sep 2065$120,460
Assumption + second · ends Sep 2065, second Jan 2057$353,560
New conventional · ends Jan 2057$295,244