Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$678/mo
Lowest payment- Down payment
- $183,419
- Funds due
- $192,350
- Interest + MI left
- $4,262
- First ends
- Oct 2032
Assumption
Assumption + second
$1,875/mo
+$1,196/mo- Down payment
- $20,419
- Funds due
- $30,671
- Interest + MI left
- $271,835
- First ends
- Oct 2032
New loan
New conventional
$1,659/mo
+$981/mo- Down payment
- $20,419
- Funds due
- $27,413
- Interest + MI left
- $270,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,581 | $15,581 | $178,581 |
| Second mortgage | — | $163,000 | — |
| First P&I | $260.74 | $260.74 | $1,236.46 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $30.65 | $30.65 | $35.72 |
| Taxes, insurance & HOA | $387.08 | $387.08 | $387.08 |
| Total housing payment | $678.47 | $1,874.51 | $1,659.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,419
Closing costs & prepaids$10,253
Usable credit−$0
Total buyer cash needed$30,671
Earnest money paid−$0
Remaining funds due$30,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$75.25
Initial HOA (3 months)$636.00
Prepaid interest, first (2 days)$5.06
Prepaid interest, second (2 days)$71.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing5 yr 11 moOf the original 29-year loan at 5.930%
Interest already paid$44,534Through Nov 2026
Assumption only · ends Oct 2032$4,262
Assumption + second · ends Oct 2032, second Dec 2056$271,835
New conventional · ends Dec 2056$270,759