Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,010/mo
Lowest payment- Down payment
- $210,587
- Funds due
- $220,219
- Interest + MI left
- $8,471
- First ends
- Feb 2033
Assumption
Assumption + second
$2,375/mo
+$1,365/mo- Down payment
- $24,587
- Funds due
- $35,714
- Interest + MI left
- $313,800
- First ends
- Feb 2033
New loan
New conventional
$1,978/mo
+$969/mo- Down payment
- $24,587
- Funds due
- $32,398
- Interest + MI left
- $314,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,413 | $29,413 | $215,413 |
| Second mortgage | — | $186,000 | — |
| First P&I | $477.91 | $477.91 | $1,459.28 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $55.86 | $55.86 | $43.08 |
| Taxes, insurance & HOA | $476.00 | $476.00 | $476.00 |
| Total housing payment | $1,009.77 | $2,374.58 | $1,978.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,587
Closing costs & prepaids$11,127
Usable credit−$0
Total buyer cash needed$35,714
Earnest money paid−$0
Remaining funds due$35,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$690.00
Prepaid interest, first (6 days)$29.49
Prepaid interest, second (6 days)$244.60
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 2 moOf the original 30-year loan at 6.1%
Interest already paid$87,232Through Dec 2026
Assumption only · ends Feb 2033$8,471
Assumption + second · ends Feb 2033, second Jan 2057$313,800
New conventional · ends Jan 2057$314,926