Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,541/mo
Lowest payment- Down payment
- $184,499
- Funds due
- $194,723
- Interest + MI left
- $14,648
- First ends
- Mar 2034
Assumption
Assumption + second
$2,715/mo
+$1,174/mo- Down payment
- $24,499
- Funds due
- $36,148
- Interest + MI left
- $277,296
- First ends
- Mar 2034
New loan
New conventional
$2,183/mo
+$641/mo- Down payment
- $24,499
- Funds due
- $32,860
- Interest + MI left
- $318,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,501 | $57,501 | $217,501 |
| Second mortgage | — | $160,000 | — |
| First P&I | $762.48 | $762.48 | $1,473.43 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $113.13 | $113.13 | $43.50 |
| Taxes, insurance & HOA | $665.67 | $665.67 | $665.67 |
| Total housing payment | $1,541.27 | $2,715.30 | $2,182.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,499
Closing costs & prepaids$11,649
Usable credit−$0
Total buyer cash needed$36,148
Earnest money paid−$0
Remaining funds due$36,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,420.00
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)$617.00
Initial HOA (3 months)$930.00
Prepaid interest, first (5 days)$31.51
Prepaid interest, second (5 days)$175.34
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 closing7 yr 3 moOf the original 30-year loan at 4%
Interest already paid$105,948Through Dec 2026
Assumption only · ends Mar 2034$14,648
Assumption + second · ends Mar 2034, second Jan 2057$277,296
New conventional · ends Jan 2057$318,022