Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$812/mo
Lowest payment- Down payment
- $143,893
- Funds due
- $152,291
- Interest + MI left
- $10,069
- First ends
- May 2036
Assumption
Assumption + second
$1,715/mo
+$903/mo- Down payment
- $20,893
- Funds due
- $30,568
- Interest + MI left
- $211,980
- First ends
- May 2036
New loan
New conventional
$1,482/mo
+$670/mo- Down payment
- $20,893
- Funds due
- $27,314
- Interest + MI left
- $271,520
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,107 | $56,107 | $179,107 |
| Second mortgage | — | $123,000 | — |
| First P&I | $546.84 | $546.84 | $1,240.10 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $59.17 | $59.17 | $35.82 |
| Taxes, insurance & HOA | $206.33 | $206.33 | $206.33 |
| Total housing payment | $812.35 | $1,714.88 | $1,482.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,893
Closing costs & prepaids$9,674
Usable credit−$0
Total buyer cash needed$30,568
Earnest money paid−$0
Remaining funds due$30,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$169.00
Prepaid interest, first (1 days)$3.44
Prepaid interest, second (1 days)$26.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 15-year loan at 2.240%
Interest already paid$8,662Through Nov 2026
Assumption only · ends May 2036$10,069
Assumption + second · ends May 2036, second Dec 2056$211,980
New conventional · ends Dec 2056$271,520