Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$856/mo
Lowest payment- Down payment
- $165,102
- Funds due
- $173,818
- Interest + MI left
- $7,302
- First ends
- Apr 2032
Assumption
Assumption + second
$1,927/mo
+$1,071/mo- Down payment
- $19,102
- Funds due
- $29,132
- Interest + MI left
- $246,968
- First ends
- Apr 2032
New loan
New conventional
$1,561/mo
+$705/mo- Down payment
- $19,102
- Funds due
- $25,887
- Interest + MI left
- $259,027
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,798 | $24,798 | $170,798 |
| Second mortgage | — | $146,000 | — |
| First P&I | $464.46 | $464.46 | $1,182.57 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $47.42 | $47.42 | $34.16 |
| Taxes, insurance & HOA | $344.17 | $344.17 | $344.17 |
| Total housing payment | $856.05 | $1,927.35 | $1,560.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,102
Closing costs & prepaids$10,031
Usable credit−$0
Total buyer cash needed$29,132
Earnest money paid−$0
Remaining funds due$29,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$582.50
Prepaid interest, first (2 days)$10.08
Prepaid interest, second (2 days)$64.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing5 yr 5 moOf the original 30-year loan at 7.420%
Interest already paid$94,864Through Nov 2026
Assumption only · ends Apr 2032$7,302
Assumption + second · ends Apr 2032, second Dec 2056$246,968
New conventional · ends Dec 2056$259,027