Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,050/mo
Lowest payment- Down payment
- $155,482
- Funds due
- $164,457
- Interest + MI left
- $6,149
- First ends
- May 2031
Assumption
Assumption + second
$2,055/mo
+$1,005/mo- Down payment
- $18,482
- Funds due
- $28,767
- Interest + MI left
- $231,042
- First ends
- May 2031
New loan
New conventional
$1,614/mo
+$563/mo- Down payment
- $18,482
- Funds due
- $25,528
- Interest + MI left
- $244,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,418 | $24,418 | $161,418 |
| Second mortgage | — | $137,000 | — |
| First P&I | $531.31 | $531.31 | $1,117.63 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $55.17 | $55.17 | $32.28 |
| Taxes, insurance & HOA | $463.67 | $463.67 | $463.67 |
| Total housing payment | $1,050.14 | $2,055.40 | $1,613.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,482
Closing costs & prepaids$10,285
Usable credit−$0
Total buyer cash needed$28,767
Earnest money paid−$0
Remaining funds due$28,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$941.00
Prepaid interest, first (2 days)$9.70
Prepaid interest, second (2 days)$60.05
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 closing4 yr 6 moOf the original 30-year loan at 7.250%
Interest already paid$109,114Through Nov 2026
Assumption only · ends May 2031$6,149
Assumption + second · ends May 2031, second Dec 2056$231,042
New conventional · ends Dec 2056$244,737