Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $79,736
- Funds due
- $88,967
- Interest + MI left
- $227,794
- First ends
- Apr 2056
Assumption
Assumption + second
$1,876/mo
+$426/mo- Down payment
- $26,736
- Funds due
- $37,243
- Interest + MI left
- $328,316
- First ends
- Apr 2056
New loan
New conventional
$1,927/mo
+$477/mo- Down payment
- $26,736
- Funds due
- $33,934
- Interest + MI left
- $353,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,264 | $180,264 | $233,264 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,101.19 | $1,101.19 | $1,615.07 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $83.20 | $83.20 | $46.65 |
| Taxes, insurance & HOA | $265.33 | $265.33 | $265.33 |
| Total housing payment | $1,449.72 | $1,876.17 | $1,927.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,736
Closing costs & prepaids$10,507
Usable credit−$0
Total buyer cash needed$37,243
Earnest money paid−$0
Remaining funds due$37,243
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)$346.00
Prepaid interest, first (2 days)$60.35
Prepaid interest, second (2 days)$26.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.110%
Interest already paid$6,451Through Nov 2026
Assumption only · ends Apr 2056$227,794
Assumption + second · ends Apr 2056, second Dec 2056$328,316
New conventional · ends Dec 2056$353,667