Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $169,001
- Funds due
- $178,464
- Interest + MI left
- $12,099
- First ends
- Jul 2033
Assumption
Assumption + second
$2,303/mo
+$1,086/mo- Down payment
- $21,001
- Funds due
- $31,779
- Interest + MI left
- $255,049
- First ends
- Jul 2033
New loan
New conventional
$1,871/mo
+$654/mo- Down payment
- $21,001
- Funds due
- $28,518
- Interest + MI left
- $286,478
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,899 | $40,899 | $188,899 |
| Second mortgage | — | $148,000 | — |
| First P&I | $617.45 | $617.45 | $1,307.90 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $74.62 | $74.62 | $37.78 |
| Taxes, insurance & HOA | $525.33 | $525.33 | $525.33 |
| Total housing payment | $1,217.40 | $2,303.38 | $1,871.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,001
Closing costs & prepaids$10,778
Usable credit−$0
Total buyer cash needed$31,779
Earnest money paid−$0
Remaining funds due$31,779
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$1,036.00
Initial HOA (3 months)$90.00
Prepaid interest, first (2 days)$12.98
Prepaid interest, second (2 days)$64.88
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 closing6 yr 8 moOf the original 30-year loan at 5.790%
Interest already paid$108,439Through Nov 2026
Assumption only · ends Jul 2033$12,099
Assumption + second · ends Jul 2033, second Dec 2056$255,049
New conventional · ends Dec 2056$286,478