Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,017/mo
Lowest payment- Down payment
- $210,548
- Funds due
- $220,002
- Interest + MI left
- $5,489
- First ends
- Jan 2031
Assumption
Assumption + second
$2,389/mo
+$1,372/mo- Down payment
- $23,548
- Funds due
- $34,293
- Interest + MI left
- $312,459
- First ends
- Jan 2031
New loan
New conventional
$1,938/mo
+$922/mo- Down payment
- $23,548
- Funds due
- $31,004
- Interest + MI left
- $316,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,952 | $21,952 | $208,952 |
| Second mortgage | — | $187,000 | — |
| First P&I | $516.49 | $516.49 | $1,446.74 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $50.43 | $50.43 | $41.79 |
| Taxes, insurance & HOA | $449.83 | $449.83 | $449.83 |
| Total housing payment | $1,016.76 | $2,388.89 | $1,938.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,548
Closing costs & prepaids$10,745
Usable credit−$0
Total buyer cash needed$34,293
Earnest money paid−$0
Remaining funds due$34,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,325.00
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)$149.50
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$4.74
Prepaid interest, second (1 days)$40.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 2 moOf the original 30-year loan at 7.880%
Interest already paid$110,865Through Nov 2026
Assumption only · ends Jan 2031$5,489
Assumption + second · ends Jan 2031, second Dec 2056$312,459
New conventional · ends Dec 2056$316,848