Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,692/mo
Lowest payment- Down payment
- $52,327
- Funds due
- $61,862
- Interest + MI left
- $263,425
- First ends
- Jul 2056
Assumption
Assumption + second
$1,909/mo
+$217/mo- Down payment
- $25,327
- Funds due
- $36,146
- Interest + MI left
- $314,634
- First ends
- Jul 2056
New loan
New conventional
$1,929/mo
+$238/mo- Down payment
- $25,327
- Funds due
- $32,857
- Interest + MI left
- $328,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,673 | $197,673 | $224,673 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,238.37 | $1,238.37 | $1,522.01 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $91.03 | $91.03 | $44.93 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $1,691.90 | $1,909.15 | $1,929.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,327
Closing costs & prepaids$10,818
Usable credit−$0
Total buyer cash needed$36,146
Earnest money paid−$0
Remaining funds due$36,146
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)$637.50
Prepaid interest, first (5 days)$172.49
Prepaid interest, second (5 days)$33.29
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 closing29 yr 7 moOf the original 30-year loan at 6.37%
Interest already paid$5,261Through Dec 2026
Assumption only · ends Jul 2056$263,425
Assumption + second · ends Jul 2056, second Jan 2057$314,634
New conventional · ends Jan 2057$328,509