Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$618/mo
Lowest payment- Down payment
- $176,801
- Funds due
- $185,500
- Interest + MI left
- $5,088
- First ends
- Jul 2033
Assumption
Assumption + second
$1,770/mo
+$1,152/mo- Down payment
- $19,801
- Funds due
- $29,785
- Interest + MI left
- $262,812
- First ends
- Jul 2033
New loan
New conventional
$1,568/mo
+$950/mo- Down payment
- $19,801
- Funds due
- $26,535
- Interest + MI left
- $264,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,199 | $17,199 | $174,199 |
| Second mortgage | — | $157,000 | — |
| First P&I | $259.65 | $259.65 | $1,206.12 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $31.38 | $31.38 | $34.84 |
| Taxes, insurance & HOA | $327.08 | $327.08 | $327.08 |
| Total housing payment | $618.11 | $1,770.12 | $1,568.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,801
Closing costs & prepaids$9,983
Usable credit−$0
Total buyer cash needed$29,785
Earnest money paid−$0
Remaining funds due$29,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,940.00
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)$174.25
Initial HOA (3 months)$357.00
Prepaid interest, first (1 days)$2.73
Prepaid interest, second (1 days)$34.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.790%
Interest already paid$45,601Through Nov 2026
Assumption only · ends Jul 2033$5,088
Assumption + second · ends Jul 2033, second Dec 2056$262,812
New conventional · ends Dec 2056$264,150