Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,440/mo
+$74/mo- Down payment
- $167,213
- Funds due
- $177,420
- Interest + MI left
- $71,250
- First ends
- Jun 2036
Assumption
Assumption + second
$3,423/mo
+$1,057/mo- Down payment
- $33,213
- Funds due
- $44,934
- Interest + MI left
- $291,218
- First ends
- Jun 2036
New loan
New conventional
$2,367/mo
Lowest payment- Down payment
- $33,213
- Funds due
- $41,553
- Interest + MI left
- $436,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,787 | $164,787 | $298,787 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,939.57 | $1,939.57 | $2,024.09 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $217.81 | $217.81 | $59.76 |
| Taxes, insurance & HOA | $282.83 | $282.83 | $282.83 |
| Total housing payment | $2,440.21 | $3,423.46 | $2,366.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,213
Closing costs & prepaids$11,721
Usable credit−$0
Total buyer cash needed$44,934
Earnest money paid−$0
Remaining funds due$44,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,320.00
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)$398.50
Prepaid interest, first (9 days)$263.30
Prepaid interest, second (9 days)$264.33
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 closing9 yr 6 moOf the original 30-year loan at 6.48%
Interest already paid$334,420Through Dec 2026
Assumption only · ends Jun 2036$71,250
Assumption + second · ends Jun 2036, second Jan 2057$291,218
New conventional · ends Jan 2057$436,876