Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$933/mo
Lowest payment- Down payment
- $121,325
- Funds due
- $130,018
- Interest + MI left
- $7,190
- First ends
- Sep 2033
Assumption
Assumption + second
$1,710/mo
+$778/mo- Down payment
- $15,325
- Funds due
- $25,407
- Interest + MI left
- $181,195
- First ends
- Sep 2033
New loan
New conventional
$1,405/mo
+$473/mo- Down payment
- $15,325
- Funds due
- $22,204
- Interest + MI left
- $196,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,675 | $28,675 | $134,675 |
| Second mortgage | — | $106,000 | — |
| First P&I | $407.84 | $407.84 | $912.34 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $58.72 | $58.72 | $26.94 |
| Taxes, insurance & HOA | $466.00 | $466.00 | $466.00 |
| Total housing payment | $932.56 | $1,710.35 | $1,405.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,325
Closing costs & prepaids$10,082
Usable credit−$0
Total buyer cash needed$25,407
Earnest money paid−$0
Remaining funds due$25,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$180.00
Initial HOA (3 months)$768.00
Prepaid interest, first (6 days)$20.03
Prepaid interest, second (6 days)$139.40
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 9 moOf the original 30-year loan at 4.25%
Interest already paid$59,558Through Dec 2026
Assumption only · ends Sep 2033$7,190
Assumption + second · ends Sep 2033, second Jan 2057$181,195
New conventional · ends Jan 2057$196,890