Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $77,360
- Funds due
- $86,129
- Interest + MI left
- $14,438
- First ends
- Aug 2035
Assumption
Assumption + second
$1,664/mo
+$523/mo- Down payment
- $12,360
- Funds due
- $22,459
- Interest + MI left
- $137,720
- First ends
- Aug 2035
New loan
New conventional
$1,327/mo
+$186/mo- Down payment
- $12,360
- Funds due
- $19,277
- Interest + MI left
- $152,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,640 | $39,640 | $104,640 |
| Second mortgage | — | $65,000 | — |
| First P&I | $484.87 | $484.87 | $708.87 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $58.85 | $58.85 | $20.93 |
| Taxes, insurance & HOA | $597.42 | $597.42 | $597.42 |
| Total housing payment | $1,141.14 | $1,664.15 | $1,327.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,360
Closing costs & prepaids$10,099
Usable credit−$0
Total buyer cash needed$22,459
Earnest money paid−$0
Remaining funds due$22,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,170.00
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)$298.25
Initial HOA (3 months)$1,044.00
Prepaid interest, first (5 days)$31.22
Prepaid interest, second (5 days)$80.14
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 closing8 yr 8 moOf the original 30-year loan at 5.75%
Interest already paid$80,680Through Dec 2026
Assumption only · ends Aug 2035$14,438
Assumption + second · ends Aug 2035, second Jan 2057$137,720
New conventional · ends Jan 2057$152,938