Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$886/mo
Lowest payment- Down payment
- $35,999
- Funds due
- $43,875
- Interest + MI left
- $120,941
- First ends
- May 2055
Assumption
Assumption + second
$1,181/mo
+$296/mo- Down payment
- $6,999
- Funds due
- $16,172
- Interest + MI left
- $198,325
- First ends
- May 2055
New loan
New conventional
$1,079/mo
+$194/mo- Down payment
- $6,999
- Funds due
- $13,039
- Interest + MI left
- $173,103
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,001 | $89,001 | $118,001 |
| Second mortgage | — | $29,000 | — |
| First P&I | $587.95 | $587.95 | $799.38 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $41.51 | $41.51 | $23.60 |
| Taxes, insurance & HOA | $256.25 | $256.25 | $256.25 |
| Total housing payment | $885.71 | $1,181.22 | $1,079.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,999
Closing costs & prepaids$9,173
Usable credit−$0
Total buyer cash needed$16,172
Earnest money paid−$0
Remaining funds due$16,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$318.75
Prepaid interest, first (5 days)$82.42
Prepaid interest, second (5 days)$47.17
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$9,615Through Dec 2026
Assumption only · ends May 2055$120,941
Assumption + second · ends May 2055, second Jan 2057$198,325
New conventional · ends Jan 2057$173,103