Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$913/mo
Lowest payment- Down payment
- $130,475
- Funds due
- $139,423
- Interest + MI left
- $135,903
- First ends
- Sep 2056
Assumption
Assumption + second
$1,698/mo
+$785/mo- Down payment
- $23,475
- Funds due
- $33,884
- Interest + MI left
- $311,549
- First ends
- Sep 2056
New loan
New conventional
$1,675/mo
+$762/mo- Down payment
- $23,475
- Funds due
- $30,594
- Interest + MI left
- $300,470
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,525 | $98,525 | $205,525 |
| Second mortgage | — | $107,000 | — |
| First P&I | $626.39 | $626.39 | $1,392.30 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $45.28 | $45.28 | $41.11 |
| Taxes, insurance & HOA | $241.58 | $241.58 | $241.58 |
| Total housing payment | $913.25 | $1,698.38 | $1,674.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,475
Closing costs & prepaids$10,409
Usable credit−$0
Total buyer cash needed$33,884
Earnest money paid−$0
Remaining funds due$33,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,290.00
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)$274.75
Prepaid interest, first (9 days)$158.64
Prepaid interest, second (9 days)$211.07
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 closing29 yr 9 moOf the original 30-year loan at 6.53%
Interest already paid$1,611Through Dec 2026
Assumption only · ends Sep 2056$135,903
Assumption + second · ends Sep 2056, second Jan 2057$311,549
New conventional · ends Jan 2057$300,470