Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$654/mo
Lowest payment- Down payment
- $112,778
- Funds due
- $120,912
- Interest + MI left
- $18,682
- First ends
- Nov 2039
Assumption
Assumption + second
$1,435/mo
+$780/mo- Down payment
- $15,778
- Funds due
- $25,282
- Interest + MI left
- $202,656
- First ends
- Nov 2039
New loan
New conventional
$1,213/mo
+$559/mo- Down payment
- $15,778
- Funds due
- $22,058
- Interest + MI left
- $196,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,122 | $37,122 | $134,122 |
| Second mortgage | — | $97,000 | — |
| First P&I | $335.08 | $335.08 | $908.59 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $41.80 | $41.80 | $26.82 |
| Taxes, insurance & HOA | $277.42 | $277.42 | $277.42 |
| Total housing payment | $654.30 | $1,434.78 | $1,212.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,778
Closing costs & prepaids$9,504
Usable credit−$0
Total buyer cash needed$25,282
Earnest money paid−$0
Remaining funds due$25,282
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$382.25
Prepaid interest, first (5 days)$27.97
Prepaid interest, second (5 days)$119.59
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 closing12 yr 11 moOf the original 30-year loan at 5.5%
Interest already paid$46,798Through Dec 2026
Assumption only · ends Nov 2039$18,682
Assumption + second · ends Nov 2039, second Jan 2057$202,656
New conventional · ends Jan 2057$196,028