Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $184,978
- Funds due
- $194,948
- Interest + MI left
- $2,316
- First ends
- Mar 2029
Assumption
Assumption + second
$2,563/mo
+$1,211/mo- Down payment
- $19,978
- Funds due
- $31,415
- Interest + MI left
- $273,172
- First ends
- Mar 2029
New loan
New conventional
$1,978/mo
+$626/mo- Down payment
- $19,978
- Funds due
- $28,143
- Interest + MI left
- $261,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,022 | $14,022 | $179,022 |
| Second mortgage | — | $165,000 | — |
| First P&I | $561.72 | $561.72 | $1,212.76 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $60.85 | $60.85 | $35.80 |
| Taxes, insurance & HOA | $729.58 | $729.58 | $729.58 |
| Total housing payment | $1,352.15 | $2,562.86 | $1,978.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,978
Closing costs & prepaids$11,436
Usable credit−$0
Total buyer cash needed$31,415
Earnest money paid−$0
Remaining funds due$31,415
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$238.75
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$15.74
Prepaid interest, second (6 days)$216.99
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 3 moOf the original 30-year loan at 6.83%
Interest already paid$115,175Through Dec 2026
Assumption only · ends Mar 2029$2,316
Assumption + second · ends Mar 2029, second Jan 2057$273,172
New conventional · ends Jan 2057$261,760