Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$635/mo
Lowest payment- Down payment
- $79,140
- Funds due
- $86,464
- Interest + MI left
- $5,890
- First ends
- Dec 2031
Assumption
Assumption + second
$1,191/mo
+$555/mo- Down payment
- $10,140
- Funds due
- $18,731
- Interest + MI left
- $136,759
- First ends
- Dec 2031
New loan
New conventional
$821/mo
+$186/mo- Down payment
- $10,140
- Funds due
- $15,576
- Interest + MI left
- $136,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,860 | $20,860 | $89,860 |
| Second mortgage | — | $69,000 | — |
| First P&I | $412.33 | $412.33 | $622.17 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $41.77 | $41.77 | $17.97 |
| Taxes, insurance & HOA | $181.33 | $181.33 | $181.33 |
| Total housing payment | $635.44 | $1,190.63 | $821.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,140
Closing costs & prepaids$8,590
Usable credit−$0
Total buyer cash needed$18,731
Earnest money paid−$0
Remaining funds due$18,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,000.00
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)$94.00
Prepaid interest, first (1 days)$4.29
Prepaid interest, second (1 days)$17.01
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 closing5 yr 1 moOf the original 30-year loan at 7.500%
Interest already paid$85,176Through Nov 2026
Assumption only · ends Dec 2031$5,890
Assumption + second · ends Dec 2031, second Dec 2056$136,759
New conventional · ends Dec 2056$136,261