Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$265/mo
Lowest payment- Down payment
- $106,846
- Funds due
- $114,453
- Interest + MI left
- $3,944
- First ends
- Mar 2055
Assumption
Assumption + second
$1,029/mo
+$764/mo- Down payment
- $11,846
- Funds due
- $20,821
- Interest + MI left
- $184,125
- First ends
- Mar 2055
New loan
New conventional
$927/mo
+$663/mo- Down payment
- $11,846
- Funds due
- $17,628
- Interest + MI left
- $143,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,054 | $3,054 | $98,054 |
| Second mortgage | — | $95,000 | — |
| First P&I | $19.70 | $19.70 | $664.25 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $1.43 | $1.43 | $19.61 |
| Taxes, insurance & HOA | $243.42 | $243.42 | $243.42 |
| Total housing payment | $264.54 | $1,028.93 | $927.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,846
Closing costs & prepaids$8,974
Usable credit−$0
Total buyer cash needed$20,821
Earnest money paid−$0
Remaining funds due$20,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,099.00
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)$280.25
Prepaid interest, first (5 days)$2.72
Prepaid interest, second (5 days)$117.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3 moOf the original 30-year loan at 6.5%
Interest already paid$351Through Dec 2026
Assumption only · ends Mar 2055$3,944
Assumption + second · ends Mar 2055, second Jan 2057$184,125
New conventional · ends Jan 2057$143,293