Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
+$72/mo- Down payment
- $134,398
- Funds due
- $144,103
- Interest + MI left
- $68,790
- First ends
- Apr 2037
Assumption
Assumption + second
$2,926/mo
+$842/mo- Down payment
- $29,398
- Funds due
- $40,560
- Interest + MI left
- $241,153
- First ends
- Apr 2037
New loan
New conventional
$2,084/mo
Lowest payment- Down payment
- $29,398
- Funds due
- $37,238
- Interest + MI left
- $381,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,602 | $155,602 | $260,602 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,690.77 | $1,690.77 | $1,765.41 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $198.69 | $198.69 | $52.12 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $2,155.45 | $2,925.91 | $2,083.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,398
Closing costs & prepaids$11,162
Usable credit−$0
Total buyer cash needed$40,560
Earnest money paid−$0
Remaining funds due$40,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Prepaid interest, first (9 days)$232.12
Prepaid interest, second (9 days)$207.12
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 closing10 yr 4 moOf the original 30-year loan at 6.05%
Interest already paid$274,123Through Dec 2026
Assumption only · ends Apr 2037$68,790
Assumption + second · ends Apr 2037, second Jan 2057$241,153
New conventional · ends Jan 2057$381,043