Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,340/mo
Lowest payment- Down payment
- $155,619
- Funds due
- $165,389
- Interest + MI left
- $17,788
- First ends
- Mar 2035
Assumption
Assumption + second
$2,331/mo
+$991/mo- Down payment
- $20,619
- Funds due
- $31,816
- Interest + MI left
- $239,398
- First ends
- Mar 2035
New loan
New conventional
$1,918/mo
+$577/mo- Down payment
- $20,619
- Funds due
- $28,551
- Interest + MI left
- $269,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,381 | $49,381 | $184,381 |
| Second mortgage | — | $135,000 | — |
| First P&I | $633.62 | $633.62 | $1,249.06 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $74.86 | $74.86 | $36.88 |
| Taxes, insurance & HOA | $632.00 | $632.00 | $632.00 |
| Total housing payment | $1,340.48 | $2,331.06 | $1,917.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,619
Closing costs & prepaids$11,197
Usable credit−$0
Total buyer cash needed$31,816
Earnest money paid−$0
Remaining funds due$31,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$48.70
Prepaid interest, second (6 days)$177.53
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 closing8 yr 3 moOf the original 30-year loan at 6%
Interest already paid$109,073Through Dec 2026
Assumption only · ends Mar 2035$17,788
Assumption + second · ends Mar 2035, second Jan 2057$239,398
New conventional · ends Jan 2057$269,596