Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $146,974
- Funds due
- $156,000
- Interest + MI left
- $49,938
- First ends
- Jan 2038
Assumption
Assumption + second
$2,323/mo
+$888/mo- Down payment
- $25,974
- Funds due
- $36,276
- Interest + MI left
- $248,566
- First ends
- Jan 2038
New loan
New conventional
$1,840/mo
+$405/mo- Down payment
- $25,974
- Funds due
- $32,968
- Interest + MI left
- $339,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,026 | $103,026 | $224,026 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,067.38 | $1,067.38 | $1,551.11 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $123.44 | $123.44 | $44.81 |
| Taxes, insurance & HOA | $244.50 | $244.50 | $244.50 |
| Total housing payment | $1,435.33 | $2,323.18 | $1,840.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,974
Closing costs & prepaids$10,303
Usable credit−$0
Total buyer cash needed$36,276
Earnest money paid−$0
Remaining funds due$36,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$283.50
Prepaid interest, first (1 days)$17.50
Prepaid interest, second (1 days)$26.52
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 closing11 yr 2 moOf the original 30-year loan at 6.200%
Interest already paid$169,979Through Nov 2026
Assumption only · ends Jan 2038$49,938
Assumption + second · ends Jan 2038, second Dec 2056$248,566
New conventional · ends Dec 2056$339,661