Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$995/mo
Lowest payment- Down payment
- $166,664
- Funds due
- $175,942
- Interest + MI left
- $8,422
- First ends
- Apr 2034
Assumption
Assumption + second
$2,067/mo
+$1,071/mo- Down payment
- $20,664
- Funds due
- $31,384
- Interest + MI left
- $248,089
- First ends
- Apr 2034
New loan
New conventional
$1,745/mo
+$749/mo- Down payment
- $20,664
- Funds due
- $28,126
- Interest + MI left
- $262,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $33,336 | $33,336 | $179,336 |
| Second mortgage | — | $146,000 | — |
| First P&I | $435.87 | $435.87 | $1,214.88 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $65.62 | $65.62 | $35.87 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $995.49 | $2,066.78 | $1,744.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,664
Closing costs & prepaids$10,720
Usable credit−$0
Total buyer cash needed$31,384
Earnest money paid−$0
Remaining funds due$31,384
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
Initial HOA (3 months)$792.00
Prepaid interest, first (6 days)$21.26
Prepaid interest, second (6 days)$192.00
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 closing7 yr 4 moOf the original 30-year loan at 3.88%
Interest already paid$59,257Through Dec 2026
Assumption only · ends Apr 2034$8,422
Assumption + second · ends Apr 2034, second Jan 2057$248,089
New conventional · ends Jan 2057$262,147