Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$12,502/mo
+$10,593/mo- Down payment
- $129,083
- Funds due
- $139,096
- Interest + MI left
- $833
- First ends
- Apr 2027
Assumption
Assumption + second
$13,316/mo
+$11,408/mo- Down payment
- $18,083
- Funds due
- $29,492
- Interest + MI left
- $183,046
- First ends
- Apr 2027
New loan
New conventional
$1,908/mo
Lowest payment- Down payment
- $18,083
- Funds due
- $26,254
- Interest + MI left
- $229,376
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,917 | $45,917 | $156,917 |
| Second mortgage | — | $111,000 | — |
| First P&I | $11,625.79 | $11,625.79 | $1,063.01 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $61.88 | $61.88 | $31.38 |
| Taxes, insurance & HOA | $814.00 | $814.00 | $814.00 |
| Total housing payment | $12,501.67 | $13,316.15 | $1,908.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,083
Closing costs & prepaids$11,409
Usable credit−$0
Total buyer cash needed$29,492
Earnest money paid−$0
Remaining funds due$29,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$210.00
Initial HOA (3 months)$1,782.00
Prepaid interest, first (6 days)$46.12
Prepaid interest, second (6 days)$145.97
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 closing4 moOf the original 1-year loan at 6.11%
Interest already paid$3,924Through Dec 2026
Assumption only · ends Apr 2027$833
Assumption + second · ends Apr 2027, second Jan 2057$183,046
New conventional · ends Jan 2057$229,376