Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,122/mo
Lowest payment- Down payment
- $204,728
- Funds due
- $214,576
- Interest + MI left
- $9,823
- First ends
- Aug 2033
Assumption
Assumption + second
$2,443/mo
+$1,321/mo- Down payment
- $24,728
- Funds due
- $36,181
- Interest + MI left
- $305,303
- First ends
- Aug 2033
New loan
New conventional
$2,040/mo
+$918/mo- Down payment
- $24,728
- Funds due
- $32,862
- Interest + MI left
- $313,215
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $34,272 | $34,272 | $214,272 |
| Second mortgage | — | $180,000 | — |
| First P&I | $512.70 | $512.70 | $1,451.55 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $63.96 | $63.96 | $42.85 |
| Taxes, insurance & HOA | $545.58 | $545.58 | $545.58 |
| Total housing payment | $1,122.24 | $2,443.02 | $2,039.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,728
Closing costs & prepaids$11,453
Usable credit−$0
Total buyer cash needed$36,181
Earnest money paid−$0
Remaining funds due$36,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$46.48
Prepaid interest, second (9 days)$355.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.5%
Interest already paid$87,530Through Dec 2026
Assumption only · ends Aug 2033$9,823
Assumption + second · ends Aug 2033, second Jan 2057$305,303
New conventional · ends Jan 2057$313,215