Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$855/mo
Lowest payment- Down payment
- $140,385
- Funds due
- $149,118
- Interest + MI left
- $136,477
- First ends
- Sep 2056
Assumption
Assumption + second
$1,706/mo
+$851/mo- Down payment
- $24,385
- Funds due
- $34,393
- Interest + MI left
- $326,897
- First ends
- Sep 2056
New loan
New conventional
$1,712/mo
+$857/mo- Down payment
- $24,385
- Funds due
- $31,100
- Interest + MI left
- $325,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,615 | $98,615 | $214,615 |
| Second mortgage | — | $116,000 | — |
| First P&I | $626.39 | $626.39 | $1,485.95 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $45.28 | $45.28 | $42.92 |
| Taxes, insurance & HOA | $183.42 | $183.42 | $183.42 |
| Total housing payment | $855.09 | $1,706.25 | $1,712.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,385
Closing costs & prepaids$10,008
Usable credit−$0
Total buyer cash needed$34,393
Earnest money paid−$0
Remaining funds due$34,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$100.25
Prepaid interest, first (1 days)$17.64
Prepaid interest, second (1 days)$25.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.530%
Interest already paid$1,075Through Nov 2026
Assumption only · ends Sep 2056$136,477
Assumption + second · ends Sep 2056, second Dec 2056$326,897
New conventional · ends Dec 2056$325,435