Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $146,365
- Funds due
- $156,737
- Interest + MI left
- $40,422
- First ends
- Jul 2036
Assumption
Assumption + second
$2,777/mo
+$903/mo- Down payment
- $23,365
- Funds due
- $35,095
- Interest + MI left
- $242,333
- First ends
- Jul 2036
New loan
New conventional
$2,182/mo
+$307/mo- Down payment
- $23,365
- Funds due
- $31,799
- Interest + MI left
- $301,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,535 | $85,535 | $208,535 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,029.83 | $1,029.83 | $1,402.83 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $107.95 | $107.95 | $41.71 |
| Taxes, insurance & HOA | $737.08 | $737.08 | $737.08 |
| Total housing payment | $1,874.86 | $2,777.39 | $2,181.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,365
Closing costs & prepaids$11,730
Usable credit−$0
Total buyer cash needed$35,095
Earnest money paid−$0
Remaining funds due$35,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,319.00
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)$591.25
Initial HOA (3 months)$1,170.00
Prepaid interest, first (4 days)$67.07
Prepaid interest, second (4 days)$107.84
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 closing9 yr 7 moOf the original 30-year loan at 7.155%
Interest already paid$185,443Through Dec 2026
Assumption only · ends Jul 2036$40,422
Assumption + second · ends Jul 2036, second Jan 2057$242,333
New conventional · ends Jan 2057$301,321