Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,137/mo
Lowest payment- Down payment
- $125,182
- Funds due
- $134,253
- Interest + MI left
- $10,035
- First ends
- Jul 2033
Assumption
Assumption + second
$1,937/mo
+$800/mo- Down payment
- $16,182
- Funds due
- $26,646
- Interest + MI left
- $188,964
- First ends
- Jul 2033
New loan
New conventional
$1,554/mo
+$417/mo- Down payment
- $16,182
- Funds due
- $23,426
- Interest + MI left
- $208,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $33,818 | $33,818 | $142,818 |
| Second mortgage | — | $109,000 | — |
| First P&I | $517.78 | $517.78 | $967.50 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $61.77 | $61.77 | $28.56 |
| Taxes, insurance & HOA | $557.58 | $557.58 | $557.58 |
| Total housing payment | $1,137.13 | $1,936.93 | $1,553.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,182
Closing costs & prepaids$10,464
Usable credit−$0
Total buyer cash needed$26,646
Earnest money paid−$0
Remaining funds due$26,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,590.00
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)$190.75
Initial HOA (3 months)$1,032.00
Prepaid interest, first (6 days)$32.85
Prepaid interest, second (6 days)$143.34
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 closing6 yr 7 moOf the original 30-year loan at 5.91%
Interest already paid$92,113Through Dec 2026
Assumption only · ends Jul 2033$10,035
Assumption + second · ends Jul 2033, second Jan 2057$188,964
New conventional · ends Jan 2057$208,795