Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,585/mo
Lowest payment- Down payment
- $162,058
- Funds due
- $171,853
- Interest + MI left
- $13,884
- First ends
- Jul 2032
Assumption
Assumption + second
$2,620/mo
+$1,035/mo- Down payment
- $21,058
- Funds due
- $32,227
- Interest + MI left
- $245,343
- First ends
- Jul 2032
New loan
New conventional
$1,937/mo
+$351/mo- Down payment
- $21,058
- Funds due
- $28,954
- Interest + MI left
- $272,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $47,842 | $47,842 | $188,842 |
| Second mortgage | — | $141,000 | — |
| First P&I | $864.50 | $864.50 | $1,270.35 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $92.13 | $92.13 | $37.77 |
| Taxes, insurance & HOA | $628.42 | $628.42 | $628.42 |
| Total housing payment | $1,585.05 | $2,619.66 | $1,936.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,058
Closing costs & prepaids$11,170
Usable credit−$0
Total buyer cash needed$32,227
Earnest money paid−$0
Remaining funds due$32,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$535.25
Initial HOA (3 months)$900.00
Prepaid interest, first (4 days)$36.65
Prepaid interest, second (4 days)$123.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7 moOf the original 30-year loan at 6.99%
Interest already paid$171,069Through Dec 2026
Assumption only · ends Jul 2032$13,884
Assumption + second · ends Jul 2032, second Jan 2057$245,343
New conventional · ends Jan 2057$272,866