Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$892/mo
Lowest payment- Down payment
- $101,039
- Funds due
- $109,312
- Interest + MI left
- $37,438
- First ends
- Jun 2041
Assumption
Assumption + second
$1,560/mo
+$668/mo- Down payment
- $18,039
- Funds due
- $27,746
- Interest + MI left
- $194,859
- First ends
- Jun 2041
New loan
New conventional
$1,314/mo
+$422/mo- Down payment
- $18,039
- Funds due
- $24,520
- Interest + MI left
- $229,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,861 | $73,861 | $156,861 |
| Second mortgage | — | $83,000 | — |
| First P&I | $592.69 | $592.69 | $1,062.63 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $79.38 | $79.38 | $31.37 |
| Taxes, insurance & HOA | $220.00 | $220.00 | $220.00 |
| Total housing payment | $892.06 | $1,559.90 | $1,314.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,039
Closing costs & prepaids$9,707
Usable credit−$0
Total buyer cash needed$27,746
Earnest money paid−$0
Remaining funds due$27,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.00
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)$210.00
Prepaid interest, first (9 days)$88.69
Prepaid interest, second (9 days)$184.19
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 closing14 yr 6 moOf the original 30-year loan at 4.87%
Interest already paid$72,042Through Dec 2026
Assumption only · ends Jun 2041$37,438
Assumption + second · ends Jun 2041, second Jan 2057$194,859
New conventional · ends Jan 2057$229,294