Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$723/mo
Lowest payment- Down payment
- $163,984
- Funds due
- $173,487
- Interest + MI left
- $8,013
- First ends
- Mar 2051
Assumption
Assumption + second
$1,794/mo
+$1,071/mo- Down payment
- $17,984
- Funds due
- $28,897
- Interest + MI left
- $247,680
- First ends
- Mar 2051
New loan
New conventional
$1,738/mo
+$1,014/mo- Down payment
- $17,984
- Funds due
- $25,651
- Interest + MI left
- $223,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,016 | $7,016 | $153,016 |
| Second mortgage | — | $146,000 | — |
| First P&I | $49.49 | $49.49 | $1,036.58 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $3.30 | $3.30 | $30.60 |
| Taxes, insurance & HOA | $670.33 | $670.33 | $670.33 |
| Total housing payment | $723.13 | $1,794.42 | $1,737.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,984
Closing costs & prepaids$10,913
Usable credit−$0
Total buyer cash needed$28,897
Earnest money paid−$0
Remaining funds due$28,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,710.00
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)$436.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (5 days)$6.58
Prepaid interest, second (5 days)$160.00
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 closing24 yr 3 moOf the original 26-year loan at 6.85%
Interest already paid$853Through Dec 2026
Assumption only · ends Mar 2051$8,013
Assumption + second · ends Mar 2051, second Jan 2057$247,680
New conventional · ends Jan 2057$223,643