Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,198/mo
Lowest payment- Down payment
- $178,010
- Funds due
- $187,145
- Interest + MI left
- $29,776
- First ends
- Apr 2036
Assumption
Assumption + second
$2,320/mo
+$1,123/mo- Down payment
- $25,010
- Funds due
- $35,697
- Interest + MI left
- $280,933
- First ends
- Apr 2036
New loan
New conventional
$1,819/mo
+$621/mo- Down payment
- $25,010
- Funds due
- $32,383
- Interest + MI left
- $328,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,990 | $71,990 | $224,990 |
| Second mortgage | — | $153,000 | — |
| First P&I | $850.00 | $850.00 | $1,524.16 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $97.79 | $97.79 | $45.00 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,197.78 | $2,320.44 | $1,819.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,010
Closing costs & prepaids$10,688
Usable credit−$0
Total buyer cash needed$35,697
Earnest money paid−$0
Remaining funds due$35,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (9 days)$110.94
Prepaid interest, second (9 days)$301.81
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 closing9 yr 4 moOf the original 30-year loan at 6.25%
Interest already paid$144,740Through Dec 2026
Assumption only · ends Apr 2036$29,776
Assumption + second · ends Apr 2036, second Jan 2057$280,933
New conventional · ends Jan 2057$328,973