Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$945/mo
Lowest payment- Down payment
- $144,209
- Funds due
- $153,377
- Interest + MI left
- $15,706
- First ends
- Apr 2037
Assumption
Assumption + second
$1,870/mo
+$925/mo- Down payment
- $18,209
- Funds due
- $28,821
- Interest + MI left
- $222,542
- First ends
- Apr 2037
New loan
New conventional
$1,642/mo
+$697/mo- Down payment
- $18,209
- Funds due
- $25,575
- Interest + MI left
- $235,071
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $34,791 | $34,791 | $160,791 |
| Second mortgage | — | $126,000 | — |
| First P&I | $380.86 | $380.86 | $1,089.25 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $44.00 | $44.00 | $32.16 |
| Taxes, insurance & HOA | $520.58 | $520.58 | $520.58 |
| Total housing payment | $945.44 | $1,869.98 | $1,642.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,209
Closing costs & prepaids$10,611
Usable credit−$0
Total buyer cash needed$28,821
Earnest money paid−$0
Remaining funds due$28,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,790.00
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)$214.75
Initial HOA (3 months)$897.00
Prepaid interest, first (7 days)$41.43
Prepaid interest, second (7 days)$193.32
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 closing10 yr 4 moOf the original 30-year loan at 6.21%
Interest already paid$62,555Through Dec 2026
Assumption only · ends Apr 2037$15,706
Assumption + second · ends Apr 2037, second Jan 2057$222,542
New conventional · ends Jan 2057$235,071