Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,284/mo
Lowest payment- Down payment
- $107,577
- Funds due
- $116,188
- Interest + MI left
- $47,179
- First ends
- Jun 2038
Assumption
Assumption + second
$1,984/mo
+$700/mo- Down payment
- $20,577
- Funds due
- $30,631
- Interest + MI left
- $212,186
- First ends
- Jun 2038
New loan
New conventional
$1,481/mo
+$197/mo- Down payment
- $20,577
- Funds due
- $27,354
- Interest + MI left
- $262,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,423 | $92,423 | $179,423 |
| Second mortgage | — | $87,000 | — |
| First P&I | $946.90 | $946.90 | $1,215.47 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $107.45 | $107.45 | $35.88 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $1,284.35 | $1,984.38 | $1,481.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,577
Closing costs & prepaids$10,053
Usable credit−$0
Total buyer cash needed$30,631
Earnest money paid−$0
Remaining funds due$30,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$145.40
Prepaid interest, second (9 days)$193.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing11 yr 6 moOf the original 30-year loan at 6.38%
Interest already paid$150,936Through Dec 2026
Assumption only · ends Jun 2038$47,179
Assumption + second · ends Jun 2038, second Jan 2057$212,186
New conventional · ends Jan 2057$262,310