Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $190,787
- Funds due
- $200,061
- Interest + MI left
- $14,467
- First ends
- Aug 2033
Assumption
Assumption + second
$2,402/mo
+$1,218/mo- Down payment
- $24,787
- Funds due
- $35,493
- Interest + MI left
- $286,964
- First ends
- Aug 2033
New loan
New conventional
$1,854/mo
+$670/mo- Down payment
- $24,787
- Funds due
- $32,186
- Interest + MI left
- $314,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,113 | $49,113 | $215,113 |
| Second mortgage | — | $166,000 | — |
| First P&I | $740.54 | $740.54 | $1,457.25 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $89.89 | $89.89 | $43.02 |
| Taxes, insurance & HOA | $353.92 | $353.92 | $353.92 |
| Total housing payment | $1,184.34 | $2,402.39 | $1,854.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,787
Closing costs & prepaids$10,706
Usable credit−$0
Total buyer cash needed$35,493
Earnest money paid−$0
Remaining funds due$35,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$611.75
Prepaid interest, first (5 days)$38.69
Prepaid interest, second (5 days)$181.92
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 closing6 yr 8 moOf the original 30-year loan at 5.75%
Interest already paid$129,567Through Dec 2026
Assumption only · ends Aug 2033$14,467
Assumption + second · ends Aug 2033, second Jan 2057$286,964
New conventional · ends Jan 2057$314,445