Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$625/mo
Lowest payment- Down payment
- $98,837
- Funds due
- $106,499
- Interest + MI left
- $7,987
- First ends
- Dec 2033
Assumption
Assumption + second
$1,317/mo
+$692/mo- Down payment
- $12,837
- Funds due
- $21,940
- Interest + MI left
- $171,099
- First ends
- Dec 2033
New loan
New conventional
$982/mo
+$357/mo- Down payment
- $12,837
- Funds due
- $18,732
- Interest + MI left
- $163,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,163 | $26,163 | $112,163 |
| Second mortgage | — | $86,000 | — |
| First P&I | $378.70 | $378.70 | $759.83 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $46.12 | $46.12 | $22.43 |
| Taxes, insurance & HOA | $200.00 | $200.00 | $200.00 |
| Total housing payment | $624.81 | $1,316.79 | $982.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,837
Closing costs & prepaids$9,103
Usable credit−$0
Total buyer cash needed$21,940
Earnest money paid−$0
Remaining funds due$21,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$150.00
Prepaid interest, first (9 days)$36.90
Prepaid interest, second (9 days)$190.85
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 closing7 yrOf the original 30-year loan at 5.72%
Interest already paid$65,577Through Dec 2026
Assumption only · ends Dec 2033$7,987
Assumption + second · ends Dec 2033, second Jan 2057$171,099
New conventional · ends Jan 2057$163,978