Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$844/mo
Lowest payment- Down payment
- $149,682
- Funds due
- $158,806
- Interest + MI left
- $7,072
- First ends
- Nov 2034
Assumption
Assumption + second
$1,813/mo
+$969/mo- Down payment
- $17,682
- Funds due
- $28,230
- Interest + MI left
- $223,757
- First ends
- Nov 2034
New loan
New conventional
$1,605/mo
+$761/mo- Down payment
- $17,682
- Funds due
- $24,989
- Interest + MI left
- $222,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,318 | $20,318 | $152,318 |
| Second mortgage | — | $132,000 | — |
| First P&I | $269.20 | $269.20 | $1,031.86 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $31.80 | $31.80 | $30.46 |
| Taxes, insurance & HOA | $543.00 | $543.00 | $543.00 |
| Total housing payment | $844.00 | $1,812.57 | $1,605.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,682
Closing costs & prepaids$10,548
Usable credit−$0
Total buyer cash needed$28,230
Earnest money paid−$0
Remaining funds due$28,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$204.00
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$20.04
Prepaid interest, second (6 days)$173.59
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 closing7 yr 11 moOf the original 30-year loan at 6%
Interest already paid$46,755Through Dec 2026
Assumption only · ends Nov 2034$7,072
Assumption + second · ends Nov 2034, second Jan 2057$223,757
New conventional · ends Jan 2057$222,653