Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,240/mo
Lowest payment- Down payment
- $73,080
- Funds due
- $82,191
- Interest + MI left
- $7,701
- First ends
- May 2033
Assumption
Assumption + second
$1,747/mo
+$507/mo- Down payment
- $10,080
- Funds due
- $20,534
- Interest + MI left
- $127,189
- First ends
- May 2033
New loan
New conventional
$1,397/mo
+$157/mo- Down payment
- $10,080
- Funds due
- $17,370
- Interest + MI left
- $131,478
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,920 | $26,920 | $89,920 |
| Second mortgage | — | $63,000 | — |
| First P&I | $418.89 | $418.89 | $609.15 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $50.84 | $50.84 | $17.98 |
| Taxes, insurance & HOA | $770.00 | $770.00 | $770.00 |
| Total housing payment | $1,239.73 | $1,746.65 | $1,397.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,080
Closing costs & prepaids$10,454
Usable credit−$0
Total buyer cash needed$20,534
Earnest money paid−$0
Remaining funds due$20,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,000.00
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)$120.00
Initial HOA (3 months)$1,740.00
Prepaid interest, first (6 days)$25.44
Prepaid interest, second (6 days)$93.21
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 closing6 yr 5 moOf the original 30-year loan at 5.75%
Interest already paid$73,685Through Dec 2026
Assumption only · ends May 2033$7,701
Assumption + second · ends May 2033, second Jan 2057$127,189
New conventional · ends Jan 2057$131,478