Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,198/mo
Lowest payment- Down payment
- $201,064
- Funds due
- $210,913
- Interest + MI left
- $2,427
- First ends
- Jun 2029
Assumption
Assumption + second
$2,511/mo
+$1,313/mo- Down payment
- $22,064
- Funds due
- $33,399
- Interest + MI left
- $296,265
- First ends
- Jun 2029
New loan
New conventional
$1,982/mo
+$784/mo- Down payment
- $22,064
- Funds due
- $30,104
- Interest + MI left
- $282,066
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,936 | $13,936 | $192,936 |
| Second mortgage | — | $179,000 | — |
| First P&I | $508.42 | $508.42 | $1,307.02 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $53.53 | $53.53 | $38.59 |
| Taxes, insurance & HOA | $636.00 | $636.00 | $636.00 |
| Total housing payment | $1,197.95 | $2,511.39 | $1,981.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,064
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$33,399
Earnest money paid−$0
Remaining funds due$33,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$16.29
Prepaid interest, second (6 days)$235.40
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 closing2 yr 6 moOf the original 30-year loan at 7.11%
Interest already paid$106,136Through Dec 2026
Assumption only · ends Jun 2029$2,427
Assumption + second · ends Jun 2029, second Jan 2057$296,265
New conventional · ends Jan 2057$282,066