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
- $157,702
- Funds due
- $166,344
- Interest + MI left
- $7,302
- First ends
- Apr 2032
Assumption
Assumption + second
$1,876/mo
+$1,020/mo- Down payment
- $18,702
- Funds due
- $28,655
- Interest + MI left
- $235,478
- First ends
- Apr 2032
New loan
New conventional
$1,511/mo
+$655/mo- Down payment
- $18,702
- Funds due
- $25,414
- Interest + MI left
- $248,378
- 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 | $163,798 |
| Second mortgage | — | $139,000 | — |
| First P&I | $464.46 | $464.46 | $1,134.10 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $47.42 | $47.42 | $32.76 |
| Taxes, insurance & HOA | $344.17 | $344.17 | $344.17 |
| Total housing payment | $856.05 | $1,875.98 | $1,511.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,702
Closing costs & prepaids$9,954
Usable credit−$0
Total buyer cash needed$28,655
Earnest money paid−$0
Remaining funds due$28,655
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,825.00
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)$60.93
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$235,478
New conventional · ends Dec 2056$248,378