Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $137,584
- Funds due
- $146,772
- Interest + MI left
- $49,774
- First ends
- Dec 2036
Assumption
Assumption + second
$2,472/mo
+$822/mo- Down payment
- $25,584
- Funds due
- $36,243
- Interest + MI left
- $233,628
- First ends
- Dec 2036
New loan
New conventional
$1,808/mo
+$158/mo- Down payment
- $25,584
- Funds due
- $32,937
- Interest + MI left
- $326,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,416 | $111,416 | $223,416 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,257.19 | $1,257.19 | $1,513.50 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $142.96 | $142.96 | $44.68 |
| Taxes, insurance & HOA | $249.58 | $249.58 | $249.58 |
| Total housing payment | $1,649.74 | $2,471.55 | $1,807.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,584
Closing costs & prepaids$10,659
Usable credit−$0
Total buyer cash needed$36,243
Earnest money paid−$0
Remaining funds due$36,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$298.75
Prepaid interest, first (9 days)$174.73
Prepaid interest, second (9 days)$220.93
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 closing10 yrOf the original 30-year loan at 6.36%
Interest already paid$211,310Through Dec 2026
Assumption only · ends Dec 2036$49,774
Assumption + second · ends Dec 2036, second Jan 2057$233,628
New conventional · ends Jan 2057$326,626