Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $188,758
- Funds due
- $199,004
- Interest + MI left
- $35,997
- First ends
- Jun 2038
Assumption
Assumption + second
$2,608/mo
+$1,189/mo- Down payment
- $26,758
- Funds due
- $38,502
- Interest + MI left
- $301,928
- First ends
- Jun 2038
New loan
New conventional
$2,233/mo
+$813/mo- Down payment
- $26,758
- Funds due
- $35,176
- Interest + MI left
- $345,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,242 | $74,242 | $236,242 |
| Second mortgage | — | $162,000 | — |
| First P&I | $746.06 | $746.06 | $1,600.39 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $88.14 | $88.14 | $47.25 |
| Taxes, insurance & HOA | $585.17 | $585.17 | $585.17 |
| Total housing payment | $1,419.37 | $2,608.07 | $2,232.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,758
Closing costs & prepaids$11,744
Usable credit−$0
Total buyer cash needed$38,502
Earnest money paid−$0
Remaining funds due$38,502
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,630.00
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)$315.50
Initial HOA (3 months)$990.00
Prepaid interest, first (7 days)$85.43
Prepaid interest, second (7 days)$248.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing11 yr 6 moOf the original 30-year loan at 6%
Interest already paid$115,431Through Dec 2026
Assumption only · ends Jun 2038$35,997
Assumption + second · ends Jun 2038, second Jan 2057$301,928
New conventional · ends Jan 2057$345,378