Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,425/mo
Lowest payment- Down payment
- $88,218
- Funds due
- $97,541
- Interest + MI left
- $34,553
- First ends
- Jul 2038
Assumption
Assumption + second
$2,004/mo
+$579/mo- Down payment
- $16,218
- Funds due
- $26,880
- Interest + MI left
- $171,111
- First ends
- Jul 2038
New loan
New conventional
$1,629/mo
+$204/mo- Down payment
- $16,218
- Funds due
- $23,661
- Interest + MI left
- $208,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,782 | $70,782 | $142,782 |
| Second mortgage | — | $72,000 | — |
| First P&I | $707.73 | $707.73 | $967.26 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $83.61 | $83.61 | $28.56 |
| Taxes, insurance & HOA | $633.17 | $633.17 | $633.17 |
| Total housing payment | $1,424.51 | $2,003.84 | $1,628.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,218
Closing costs & prepaids$10,661
Usable credit−$0
Total buyer cash needed$26,880
Earnest money paid−$0
Remaining funds due$26,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,590.00
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)$405.50
Initial HOA (3 months)$1,044.00
Prepaid interest, first (5 days)$58.18
Prepaid interest, second (5 days)$88.77
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 closing11 yr 7 moOf the original 30-year loan at 6%
Interest already paid$109,147Through Dec 2026
Assumption only · ends Jul 2038$34,553
Assumption + second · ends Jul 2038, second Jan 2057$171,111
New conventional · ends Jan 2057$208,742