Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $203,420
- Funds due
- $212,943
- Interest + MI left
- $5,322
- First ends
- Jan 2031
Assumption
Assumption + second
$2,378/mo
+$1,321/mo- Down payment
- $23,420
- Funds due
- $34,430
- Interest + MI left
- $300,801
- First ends
- Jan 2031
New loan
New conventional
$1,896/mo
+$839/mo- Down payment
- $23,420
- Funds due
- $31,119
- Interest + MI left
- $294,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,580 | $21,580 | $201,580 |
| Second mortgage | — | $180,000 | — |
| First P&I | $516.49 | $516.49 | $1,365.57 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $50.43 | $50.43 | $40.32 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,056.92 | $2,377.70 | $1,895.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,420
Closing costs & prepaids$11,010
Usable credit−$0
Total buyer cash needed$34,430
Earnest money paid−$0
Remaining funds due$34,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$27.95
Prepaid interest, second (6 days)$236.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing4 yr 1 moOf the original 30-year loan at 7.88%
Interest already paid$111,009Through Dec 2026
Assumption only · ends Jan 2031$5,322
Assumption + second · ends Jan 2031, second Jan 2057$300,801
New conventional · ends Jan 2057$294,663