Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,268/mo
Lowest payment- Down payment
- $199,354
- Funds due
- $209,265
- Interest + MI left
- $2,760
- First ends
- Jul 2029
Assumption
Assumption + second
$2,567/mo
+$1,299/mo- Down payment
- $22,354
- Funds due
- $33,748
- Interest + MI left
- $293,314
- First ends
- Jul 2029
New loan
New conventional
$2,000/mo
+$731/mo- Down payment
- $22,354
- Funds due
- $30,451
- Interest + MI left
- $281,603
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,646 | $15,646 | $192,646 |
| Second mortgage | — | $177,000 | — |
| First P&I | $553.32 | $553.32 | $1,305.05 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $58.79 | $58.79 | $38.53 |
| Taxes, insurance & HOA | $656.00 | $656.00 | $656.00 |
| Total housing payment | $1,268.11 | $2,566.87 | $1,999.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,354
Closing costs & prepaids$11,394
Usable credit−$0
Total buyer cash needed$33,748
Earnest money paid−$0
Remaining funds due$33,748
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)$1,260.00
Prepaid interest, first (6 days)$18.05
Prepaid interest, second (6 days)$232.77
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 7 moOf the original 30-year loan at 7.02%
Interest already paid$114,687Through Dec 2026
Assumption only · ends Jul 2029$2,760
Assumption + second · ends Jul 2029, second Jan 2057$293,314
New conventional · ends Jan 2057$281,603