Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,908/mo
Lowest payment- Down payment
- $208,565
- Funds due
- $218,346
- Interest + MI left
- $18,573
- First ends
- Dec 2031
Assumption
Assumption + second
$3,228/mo
+$1,321/mo- Down payment
- $28,565
- Funds due
- $39,793
- Interest + MI left
- $314,053
- First ends
- Dec 2031
New loan
New conventional
$2,126/mo
+$218/mo- Down payment
- $28,565
- Funds due
- $36,439
- Interest + MI left
- $364,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,435 | $69,435 | $249,435 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,374.89 | $1,374.89 | $1,689.76 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $146.38 | $146.38 | $49.89 |
| Taxes, insurance & HOA | $386.33 | $386.33 | $386.33 |
| Total housing payment | $1,907.61 | $3,228.39 | $2,125.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,565
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$39,793
Earnest money paid−$0
Remaining funds due$39,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,780.00
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)$709.00
Prepaid interest, first (5 days)$66.58
Prepaid interest, second (5 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 7%
Interest already paid$275,246Through Dec 2026
Assumption only · ends Dec 2031$18,573
Assumption + second · ends Dec 2031, second Jan 2057$314,053
New conventional · ends Jan 2057$364,665