Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $169,688
- Funds due
- $178,780
- Interest + MI left
- $31,297
- First ends
- Feb 2036
Assumption
Assumption + second
$2,356/mo
+$1,057/mo- Down payment
- $25,688
- Funds due
- $36,219
- Interest + MI left
- $267,681
- First ends
- Feb 2036
New loan
New conventional
$1,807/mo
+$507/mo- Down payment
- $25,688
- Funds due
- $32,908
- Interest + MI left
- $326,430
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,312 | $79,312 | $223,312 |
| Second mortgage | — | $144,000 | — |
| First P&I | $939.14 | $939.14 | $1,512.79 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $110.95 | $110.95 | $44.66 |
| Taxes, insurance & HOA | $249.58 | $249.58 | $249.58 |
| Total housing payment | $1,299.68 | $2,356.30 | $1,807.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,688
Closing costs & prepaids$10,531
Usable credit−$0
Total buyer cash needed$36,219
Earnest money paid−$0
Remaining funds due$36,219
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)$298.75
Prepaid interest, first (6 days)$78.23
Prepaid interest, second (6 days)$189.37
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 closing9 yr 2 moOf the original 30-year loan at 6%
Interest already paid$157,457Through Dec 2026
Assumption only · ends Feb 2036$31,297
Assumption + second · ends Feb 2036, second Jan 2057$267,681
New conventional · ends Jan 2057$326,430