Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$882/mo
Lowest payment- Down payment
- $113,697
- Funds due
- $122,621
- Interest + MI left
- $7,618
- First ends
- Jul 2035
Assumption
Assumption + second
$1,616/mo
+$734/mo- Down payment
- $13,697
- Funds due
- $24,025
- Interest + MI left
- $171,774
- First ends
- Jul 2035
New loan
New conventional
$1,436/mo
+$554/mo- Down payment
- $13,697
- Funds due
- $20,828
- Interest + MI left
- $176,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,803 | $20,803 | $120,803 |
| Second mortgage | — | $100,000 | — |
| First P&I | $257.49 | $257.49 | $818.36 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $30.88 | $30.88 | $24.16 |
| Taxes, insurance & HOA | $593.83 | $593.83 | $593.83 |
| Total housing payment | $882.21 | $1,615.97 | $1,436.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,697
Closing costs & prepaids$10,328
Usable credit−$0
Total buyer cash needed$24,025
Earnest money paid−$0
Remaining funds due$24,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,345.00
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)$161.50
Initial HOA (3 months)$1,170.00
Prepaid interest, first (7 days)$23.38
Prepaid interest, second (7 days)$153.42
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 closing8 yr 7 moOf the original 30-year loan at 5.86%
Interest already paid$43,379Through Dec 2026
Assumption only · ends Jul 2035$7,618
Assumption + second · ends Jul 2035, second Jan 2057$171,774
New conventional · ends Jan 2057$176,610