Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,218/mo
Lowest payment- Down payment
- $177,537
- Funds due
- $186,634
- Interest + MI left
- $30,210
- First ends
- Apr 2036
Assumption
Assumption + second
$2,333/mo
+$1,115/mo- Down payment
- $25,537
- Funds due
- $35,918
- Interest + MI left
- $279,726
- First ends
- Apr 2036
New loan
New conventional
$1,869/mo
+$651/mo- Down payment
- $25,537
- Funds due
- $32,612
- Interest + MI left
- $340,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,463 | $72,463 | $224,463 |
| Second mortgage | — | $152,000 | — |
| First P&I | $850.00 | $850.00 | $1,554.14 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $97.79 | $97.79 | $44.89 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,217.78 | $2,333.11 | $1,869.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,537
Closing costs & prepaids$10,381
Usable credit−$0
Total buyer cash needed$35,918
Earnest money paid−$0
Remaining funds due$35,918
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)$360.00
Prepaid interest, first (1 days)$12.41
Prepaid interest, second (1 days)$33.32
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 5 moOf the original 30-year loan at 6.250%
Interest already paid$144,362Through Nov 2026
Assumption only · ends Apr 2036$30,210
Assumption + second · ends Apr 2036, second Dec 2056$279,726
New conventional · ends Dec 2056$340,368