Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,757/mo
Lowest payment- Down payment
- $214,633
- Funds due
- $224,997
- Interest + MI left
- $54,506
- First ends
- Sep 2037
Assumption
Assumption + second
$3,092/mo
+$1,335/mo- Down payment
- $32,633
- Funds due
- $44,367
- Interest + MI left
- $353,268
- First ends
- Sep 2037
New loan
New conventional
$2,451/mo
+$695/mo- Down payment
- $32,633
- Funds due
- $40,981
- Interest + MI left
- $422,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,366 | $110,366 | $292,366 |
| Second mortgage | — | $182,000 | — |
| First P&I | $1,198.04 | $1,198.04 | $1,966.76 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $132.60 | $132.60 | $58.47 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,756.89 | $3,092.34 | $2,451.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,633
Closing costs & prepaids$11,733
Usable credit−$0
Total buyer cash needed$44,367
Earnest money paid−$0
Remaining funds due$44,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.99
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)$828.75
Prepaid interest, first (3 days)$60.05
Prepaid interest, second (3 days)$119.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 9 moOf the original 30-year loan at 6.62%
Interest already paid$199,914Through Dec 2026
Assumption only · ends Sep 2037$54,506
Assumption + second · ends Sep 2037, second Jan 2057$353,268
New conventional · ends Jan 2057$422,452