Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,183/mo
Lowest payment- Down payment
- $201,555
- Funds due
- $211,056
- Interest + MI left
- $409
- First ends
- Jun 2027
Assumption
Assumption + second
$2,511/mo
+$1,328/mo- Down payment
- $20,555
- Funds due
- $31,663
- Interest + MI left
- $297,530
- First ends
- Jun 2027
New loan
New conventional
$1,843/mo
+$660/mo- Down payment
- $20,555
- Funds due
- $28,371
- Interest + MI left
- $269,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,345 | $3,345 | $184,345 |
| Second mortgage | — | $181,000 | — |
| First P&I | $570.62 | $570.62 | $1,248.82 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $55.19 | $55.19 | $36.87 |
| Taxes, insurance & HOA | $557.00 | $557.00 | $557.00 |
| Total housing payment | $1,182.81 | $2,510.92 | $1,842.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,555
Closing costs & prepaids$11,109
Usable credit−$0
Total buyer cash needed$31,663
Earnest money paid−$0
Remaining funds due$31,663
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,049.00
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)$246.00
Initial HOA (3 months)$975.00
Prepaid interest, first (9 days)$6.58
Prepaid interest, second (9 days)$357.04
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 moOf the original 30-year loan at 7.98%
Interest already paid$127,431Through Dec 2026
Assumption only · ends Jun 2027$409
Assumption + second · ends Jun 2027, second Jan 2057$297,530
New conventional · ends Jan 2057$269,543