Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$715/mo
Lowest payment- Down payment
- $177,297
- Funds due
- $186,187
- Interest + MI left
- $2,259
- First ends
- Feb 2031
Assumption
Assumption + second
$1,874/mo
+$1,159/mo- Down payment
- $19,297
- Funds due
- $29,472
- Interest + MI left
- $261,624
- First ends
- Feb 2031
New loan
New conventional
$1,621/mo
+$906/mo- Down payment
- $19,297
- Funds due
- $26,228
- Interest + MI left
- $258,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,703 | $12,703 | $170,703 |
| Second mortgage | — | $158,000 | — |
| First P&I | $265.61 | $265.61 | $1,181.91 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $44.63 | $44.63 | $34.14 |
| Taxes, insurance & HOA | $404.83 | $404.83 | $404.83 |
| Total housing payment | $715.07 | $1,874.42 | $1,620.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,297
Closing costs & prepaids$10,175
Usable credit−$0
Total buyer cash needed$29,472
Earnest money paid−$0
Remaining funds due$29,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$500.50
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$1.04
Prepaid interest, second (1 days)$34.63
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 3 moOf the original 30-year loan at 3.000%
Interest already paid$31,777Through Nov 2026
Assumption only · ends Feb 2031$2,259
Assumption + second · ends Feb 2031, second Dec 2056$261,624
New conventional · ends Dec 2056$258,848