Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,438/mo
Lowest payment- Down payment
- $79,919
- Funds due
- $89,327
- Interest + MI left
- $226,812
- First ends
- Apr 2056
Assumption
Assumption + second
$1,865/mo
+$426/mo- Down payment
- $26,919
- Funds due
- $37,695
- Interest + MI left
- $327,334
- First ends
- Apr 2056
New loan
New conventional
$1,880/mo
+$441/mo- Down payment
- $26,919
- Funds due
- $34,399
- Interest + MI left
- $340,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,081 | $180,081 | $233,081 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,101.19 | $1,101.19 | $1,578.97 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $83.20 | $83.20 | $46.62 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $1,438.38 | $1,864.83 | $1,879.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,919
Closing costs & prepaids$10,776
Usable credit−$0
Total buyer cash needed$37,695
Earnest money paid−$0
Remaining funds due$37,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Prepaid interest, first (9 days)$271.31
Prepaid interest, second (9 days)$117.62
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 closing29 yr 4 moOf the original 30-year loan at 6.11%
Interest already paid$7,369Through Dec 2026
Assumption only · ends Apr 2056$226,812
Assumption + second · ends Apr 2056, second Jan 2057$327,334
New conventional · ends Jan 2057$340,710