Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,533/mo
Lowest payment- Down payment
- $140,482
- Funds due
- $149,973
- Interest + MI left
- $24,117
- First ends
- Aug 2034
Assumption
Assumption + second
$2,406/mo
+$873/mo- Down payment
- $21,482
- Funds due
- $32,380
- Interest + MI left
- $219,462
- First ends
- Aug 2034
New loan
New conventional
$1,811/mo
+$278/mo- Down payment
- $21,482
- Funds due
- $29,102
- Interest + MI left
- $268,224
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,518 | $64,518 | $183,518 |
| Second mortgage | — | $119,000 | — |
| First P&I | $904.38 | $904.38 | $1,243.21 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $97.47 | $97.47 | $36.70 |
| Taxes, insurance & HOA | $531.00 | $531.00 | $531.00 |
| Total housing payment | $1,532.85 | $2,406.03 | $1,810.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,482
Closing costs & prepaids$10,897
Usable credit−$0
Total buyer cash needed$32,380
Earnest money paid−$0
Remaining funds due$32,380
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)$897.00
Prepaid interest, first (6 days)$72.97
Prepaid interest, second (6 days)$156.49
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 closing7 yr 8 moOf the original 30-year loan at 6.88%
Interest already paid$169,294Through Dec 2026
Assumption only · ends Aug 2034$24,117
Assumption + second · ends Aug 2034, second Jan 2057$219,462
New conventional · ends Jan 2057$268,224