Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,263/mo
Lowest payment- Down payment
- $174,962
- Funds due
- $184,515
- Interest + MI left
- $2,522
- First ends
- Apr 2029
Assumption
Assumption + second
$2,400/mo
+$1,137/mo- Down payment
- $19,962
- Funds due
- $30,935
- Interest + MI left
- $256,963
- First ends
- Apr 2029
New loan
New conventional
$1,807/mo
+$544/mo- Down payment
- $19,962
- Funds due
- $27,668
- Interest + MI left
- $248,376
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,938 | $14,938 | $169,938 |
| Second mortgage | — | $155,000 | — |
| First P&I | $580.55 | $580.55 | $1,151.22 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $61.13 | $61.13 | $33.99 |
| Taxes, insurance & HOA | $621.42 | $621.42 | $621.42 |
| Total housing payment | $1,263.09 | $2,400.43 | $1,806.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,962
Closing costs & prepaids$10,973
Usable credit−$0
Total buyer cash needed$30,935
Earnest money paid−$0
Remaining funds due$30,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$484.25
Initial HOA (3 months)$930.00
Prepaid interest, first (5 days)$14.55
Prepaid interest, second (5 days)$169.86
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 closing2 yr 4 moOf the original 30-year loan at 7.11%
Interest already paid$121,379Through Dec 2026
Assumption only · ends Apr 2029$2,522
Assumption + second · ends Apr 2029, second Jan 2057$256,963
New conventional · ends Jan 2057$248,376