Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $200,051
- Funds due
- $210,764
- Interest + MI left
- $34,409
- First ends
- Jul 2037
Assumption
Assumption + second
$2,865/mo
+$1,262/mo- Down payment
- $28,051
- Funds due
- $40,240
- Interest + MI left
- $316,757
- First ends
- Jul 2037
New loan
New conventional
$2,426/mo
+$824/mo- Down payment
- $28,051
- Funds due
- $36,899
- Interest + MI left
- $361,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,949 | $74,949 | $246,949 |
| Second mortgage | — | $172,000 | — |
| First P&I | $805.12 | $805.12 | $1,672.92 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $93.41 | $93.41 | $49.39 |
| Taxes, insurance & HOA | $704.00 | $704.00 | $704.00 |
| Total housing payment | $1,602.53 | $2,864.60 | $2,426.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,051
Closing costs & prepaids$12,189
Usable credit−$0
Total buyer cash needed$40,240
Earnest money paid−$0
Remaining funds due$40,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$1,332.00
Prepaid interest, first (6 days)$76.02
Prepaid interest, second (6 days)$226.19
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 closing10 yr 7 moOf the original 30-year loan at 6.17%
Interest already paid$130,668Through Dec 2026
Assumption only · ends Jul 2037$34,409
Assumption + second · ends Jul 2037, second Jan 2057$316,757
New conventional · ends Jan 2057$361,031