Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,329/mo
Lowest payment- Down payment
- $210,536
- Funds due
- $220,607
- Interest + MI left
- $9,443
- First ends
- Sep 2032
Assumption
Assumption + second
$2,687/mo
+$1,357/mo- Down payment
- $25,536
- Funds due
- $37,141
- Interest + MI left
- $313,130
- First ends
- Sep 2032
New loan
New conventional
$2,152/mo
+$823/mo- Down payment
- $25,536
- Funds due
- $33,825
- Interest + MI left
- $328,012
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,364 | $39,364 | $224,364 |
| Second mortgage | — | $185,000 | — |
| First P&I | $653.79 | $653.79 | $1,519.92 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $88.37 | $88.37 | $44.87 |
| Taxes, insurance & HOA | $587.00 | $587.00 | $587.00 |
| Total housing payment | $1,329.16 | $2,686.62 | $2,151.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,536
Closing costs & prepaids$11,605
Usable credit−$0
Total buyer cash needed$37,141
Earnest money paid−$0
Remaining funds due$37,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$1,011.00
Prepaid interest, first (7 days)$36.16
Prepaid interest, second (7 days)$283.84
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 closing5 yr 9 moOf the original 30-year loan at 4.79%
Interest already paid$104,863Through Dec 2026
Assumption only · ends Sep 2032$9,443
Assumption + second · ends Sep 2032, second Jan 2057$313,130
New conventional · ends Jan 2057$328,012