Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $136,920
- Funds due
- $145,766
- Interest + MI left
- $50,445
- First ends
- Dec 2036
Assumption
Assumption + second
$2,409/mo
+$822/mo- Down payment
- $24,920
- Funds due
- $35,040
- Interest + MI left
- $234,299
- First ends
- Dec 2036
New loan
New conventional
$1,783/mo
+$196/mo- Down payment
- $24,920
- Funds due
- $31,742
- Interest + MI left
- $339,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,080 | $112,080 | $224,080 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,257.19 | $1,257.19 | $1,551.48 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $142.96 | $142.96 | $44.82 |
| Taxes, insurance & HOA | $187.00 | $187.00 | $187.00 |
| Total housing payment | $1,587.15 | $2,408.97 | $1,783.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,920
Closing costs & prepaids$10,120
Usable credit−$0
Total buyer cash needed$35,040
Earnest money paid−$0
Remaining funds due$35,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$111.00
Prepaid interest, first (1 days)$19.53
Prepaid interest, second (1 days)$24.55
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 closing10 yr 1 moOf the original 30-year loan at 6.360%
Interest already paid$210,716Through Nov 2026
Assumption only · ends Dec 2036$50,445
Assumption + second · ends Dec 2036, second Dec 2056$234,299
New conventional · ends Dec 2056$339,832