Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $113,003
- Funds due
- $121,964
- Interest + MI left
- $36,895
- First ends
- Jun 2037
Assumption
Assumption + second
$2,115/mo
+$756/mo- Down payment
- $19,003
- Funds due
- $29,237
- Interest + MI left
- $215,179
- First ends
- Jun 2037
New loan
New conventional
$1,642/mo
+$284/mo- Down payment
- $19,003
- Funds due
- $25,995
- Interest + MI left
- $259,328
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,997 | $76,997 | $170,997 |
| Second mortgage | — | $94,000 | — |
| First P&I | $840.11 | $840.11 | $1,183.95 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $94.15 | $94.15 | $34.20 |
| Taxes, insurance & HOA | $424.00 | $424.00 | $424.00 |
| Total housing payment | $1,358.26 | $2,114.60 | $1,642.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,003
Closing costs & prepaids$10,234
Usable credit−$0
Total buyer cash needed$29,237
Earnest money paid−$0
Remaining funds due$29,237
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$108.00
Initial HOA (3 months)$714.00
Prepaid interest, first (1 days)$13.71
Prepaid interest, second (1 days)$23.18
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$139,828Through Nov 2026
Assumption only · ends Jun 2037$36,895
Assumption + second · ends Jun 2037, second Dec 2056$215,179
New conventional · ends Dec 2056$259,328