Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$954/mo
Lowest payment- Down payment
- $144,369
- Funds due
- $153,227
- Interest + MI left
- $7,334
- First ends
- Aug 2032
Assumption
Assumption + second
$1,886/mo
+$932/mo- Down payment
- $17,369
- Funds due
- $27,672
- Interest + MI left
- $215,811
- First ends
- Aug 2032
New loan
New conventional
$1,515/mo
+$561/mo- Down payment
- $17,369
- Funds due
- $24,430
- Interest + MI left
- $223,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $25,631 | $25,631 | $152,631 |
| Second mortgage | — | $127,000 | — |
| First P&I | $454.15 | $454.15 | $1,033.98 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $49.80 | $49.80 | $30.53 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $953.95 | $1,885.83 | $1,514.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,369
Closing costs & prepaids$10,303
Usable credit−$0
Total buyer cash needed$27,672
Earnest money paid−$0
Remaining funds due$27,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$204.00
Initial HOA (3 months)$696.00
Prepaid interest, first (7 days)$32.98
Prepaid interest, second (7 days)$194.85
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 8 moOf the original 30-year loan at 6.71%
Interest already paid$87,934Through Dec 2026
Assumption only · ends Aug 2032$7,334
Assumption + second · ends Aug 2032, second Jan 2057$215,811
New conventional · ends Jan 2057$223,141