Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,138/mo
Lowest payment- Down payment
- $201,197
- Funds due
- $210,732
- Interest + MI left
- $18,740
- First ends
- Jul 2036
Assumption
Assumption + second
$2,415/mo
+$1,277/mo- Down payment
- $27,197
- Funds due
- $38,020
- Interest + MI left
- $304,370
- First ends
- Jul 2036
New loan
New conventional
$2,079/mo
+$940/mo- Down payment
- $27,197
- Funds due
- $34,702
- Interest + MI left
- $367,469
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,303 | $68,303 | $242,303 |
| Second mortgage | — | $174,000 | — |
| First P&I | $701.60 | $701.60 | $1,677.66 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $84.12 | $84.12 | $48.46 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $1,138.39 | $2,415.14 | $2,078.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,197
Closing costs & prepaids$10,823
Usable credit−$0
Total buyer cash needed$38,020
Earnest money paid−$0
Remaining funds due$38,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,695.00
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)$272.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$6.94
Prepaid interest, second (1 days)$38.14
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 closing9 yr 8 moOf the original 20-year loan at 3.710%
Interest already paid$36,549Through Nov 2026
Assumption only · ends Jul 2036$18,740
Assumption + second · ends Jul 2036, second Dec 2056$304,370
New conventional · ends Dec 2056$367,469