Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$848/mo
Lowest payment- Down payment
- $158,682
- Funds due
- $167,907
- Interest + MI left
- $7,072
- First ends
- Nov 2034
Assumption
Assumption + second
$1,875/mo
+$1,027/mo- Down payment
- $18,682
- Funds due
- $29,341
- Interest + MI left
- $236,890
- First ends
- Nov 2034
New loan
New conventional
$1,665/mo
+$817/mo- Down payment
- $18,682
- Funds due
- $26,089
- Interest + MI left
- $234,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,318 | $20,318 | $160,318 |
| Second mortgage | — | $140,000 | — |
| First P&I | $269.20 | $269.20 | $1,086.05 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $31.80 | $31.80 | $32.06 |
| Taxes, insurance & HOA | $546.58 | $546.58 | $546.58 |
| Total housing payment | $847.59 | $1,874.86 | $1,664.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,682
Closing costs & prepaids$10,659
Usable credit−$0
Total buyer cash needed$29,341
Earnest money paid−$0
Remaining funds due$29,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,790.00
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)$214.75
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$20.04
Prepaid interest, second (6 days)$184.11
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 11 moOf the original 30-year loan at 6%
Interest already paid$46,755Through Dec 2026
Assumption only · ends Nov 2034$7,072
Assumption + second · ends Nov 2034, second Jan 2057$236,890
New conventional · ends Jan 2057$234,347