Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,118/mo
+$33/mo- Down payment
- $91,645
- Funds due
- $102,260
- Interest + MI left
- $15,787
- First ends
- May 2034
Assumption
Assumption + second
$2,722/mo
+$637/mo- Down payment
- $16,645
- Funds due
- $28,639
- Interest + MI left
- $158,035
- First ends
- May 2034
New loan
New conventional
$2,085/mo
Lowest payment- Down payment
- $16,645
- Funds due
- $25,460
- Interest + MI left
- $216,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,255 | $73,255 | $148,255 |
| Second mortgage | — | $75,000 | — |
| First P&I | $907.85 | $907.85 | $1,004.33 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $159.38 | $159.38 | $29.65 |
| Taxes, insurance & HOA | $1,051.00 | $1,051.00 | $1,051.00 |
| Total housing payment | $2,118.23 | $2,721.69 | $2,084.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,645
Closing costs & prepaids$11,994
Usable credit−$0
Total buyer cash needed$28,639
Earnest money paid−$0
Remaining funds due$28,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$198.00
Initial HOA (3 months)$2,505.00
Prepaid interest, first (7 days)$37.37
Prepaid interest, second (7 days)$129.45
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 closing7 yr 5 moOf the original 30-year loan at 2.66%
Interest already paid$94,282Through Dec 2026
Assumption only · ends May 2034$15,787
Assumption + second · ends May 2034, second Jan 2057$158,035
New conventional · ends Jan 2057$216,773