Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,501/mo
Lowest payment- Down payment
- $165,431
- Funds due
- $175,291
- Interest + MI left
- $19,127
- First ends
- Jul 2034
Assumption
Assumption + second
$2,543/mo
+$1,042/mo- Down payment
- $23,431
- Funds due
- $34,697
- Interest + MI left
- $252,228
- First ends
- Jul 2034
New loan
New conventional
$2,002/mo
+$501/mo- Down payment
- $23,431
- Funds due
- $31,409
- Interest + MI left
- $294,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,569 | $59,569 | $201,569 |
| Second mortgage | — | $142,000 | — |
| First P&I | $805.48 | $805.48 | $1,365.50 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $99.17 | $99.17 | $40.31 |
| Taxes, insurance & HOA | $596.25 | $596.25 | $596.25 |
| Total housing payment | $1,500.89 | $2,542.84 | $2,002.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,431
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$34,697
Earnest money paid−$0
Remaining funds due$34,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$573.75
Initial HOA (3 months)$765.00
Prepaid interest, first (5 days)$45.86
Prepaid interest, second (5 days)$155.62
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 7 moOf the original 30-year loan at 5.62%
Interest already paid$136,242Through Dec 2026
Assumption only · ends Jul 2034$19,127
Assumption + second · ends Jul 2034, second Jan 2057$252,228
New conventional · ends Jan 2057$294,647