Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$806/mo
Lowest payment- Down payment
- $145,413
- Funds due
- $153,795
- Interest + MI left
- $7,123
- First ends
- Apr 2032
Assumption
Assumption + second
$1,746/mo
+$939/mo- Down payment
- $17,413
- Funds due
- $27,185
- Interest + MI left
- $217,241
- First ends
- Apr 2032
New loan
New conventional
$1,358/mo
+$552/mo- Down payment
- $17,413
- Funds due
- $23,946
- Interest + MI left
- $222,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,487 | $24,487 | $152,487 |
| Second mortgage | — | $128,000 | — |
| First P&I | $464.46 | $464.46 | $1,033.00 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $47.42 | $47.42 | $30.50 |
| Taxes, insurance & HOA | $294.42 | $294.42 | $294.42 |
| Total housing payment | $806.30 | $1,745.52 | $1,357.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,413
Closing costs & prepaids$9,772
Usable credit−$0
Total buyer cash needed$27,185
Earnest money paid−$0
Remaining funds due$27,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$433.25
Prepaid interest, first (5 days)$24.89
Prepaid interest, second (5 days)$140.27
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 yr 4 moOf the original 30-year loan at 7.42%
Interest already paid$95,018Through Dec 2026
Assumption only · ends Apr 2032$7,123
Assumption + second · ends Apr 2032, second Jan 2057$217,241
New conventional · ends Jan 2057$222,931