Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$836/mo
Lowest payment- Down payment
- $164,647
- Funds due
- $173,763
- Interest + MI left
- $112,902
- First ends
- Oct 2055
Assumption
Assumption + second
$1,856/mo
+$1,020/mo- Down payment
- $25,647
- Funds due
- $36,196
- Interest + MI left
- $341,078
- First ends
- Oct 2055
New loan
New conventional
$1,815/mo
+$978/mo- Down payment
- $25,647
- Funds due
- $32,880
- Interest + MI left
- $327,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,353 | $85,353 | $224,353 |
| Second mortgage | — | $139,000 | — |
| First P&I | $546.66 | $546.66 | $1,519.85 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $39.64 | $39.64 | $44.87 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $836.30 | $1,856.23 | $1,814.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,647
Closing costs & prepaids$10,549
Usable credit−$0
Total buyer cash needed$36,196
Earnest money paid−$0
Remaining funds due$36,196
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)$300.00
Prepaid interest, first (6 days)$91.20
Prepaid interest, second (6 days)$182.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing28 yr 10 moOf the original 30-year loan at 6.5%
Interest already paid$6,519Through Dec 2026
Assumption only · ends Oct 2055$112,902
Assumption + second · ends Oct 2055, second Jan 2057$341,078
New conventional · ends Jan 2057$327,996