Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,438/mo
Lowest payment- Down payment
- $177,193
- Funds due
- $187,514
- Interest + MI left
- $26,582
- First ends
- Jun 2037
Assumption
Assumption + second
$2,561/mo
+$1,123/mo- Down payment
- $24,193
- Funds due
- $35,965
- Interest + MI left
- $277,740
- First ends
- Jun 2037
New loan
New conventional
$2,201/mo
+$763/mo- Down payment
- $24,193
- Funds due
- $32,669
- Interest + MI left
- $315,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,807 | $62,807 | $215,807 |
| Second mortgage | — | $153,000 | — |
| First P&I | $661.06 | $661.06 | $1,461.95 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $81.39 | $81.39 | $43.16 |
| Taxes, insurance & HOA | $696.00 | $696.00 | $696.00 |
| Total housing payment | $1,438.44 | $2,561.10 | $2,201.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,193
Closing costs & prepaids$11,772
Usable credit−$0
Total buyer cash needed$35,965
Earnest money paid−$0
Remaining funds due$35,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$58.02
Prepaid interest, second (6 days)$201.21
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 closing10 yr 6 moOf the original 30-year loan at 5.62%
Interest already paid$102,596Through Dec 2026
Assumption only · ends Jun 2037$26,582
Assumption + second · ends Jun 2037, second Jan 2057$277,740
New conventional · ends Jan 2057$315,546