Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$936/mo
Lowest payment- Down payment
- $197,783
- Funds due
- $206,839
- Interest + MI left
- $16,291
- First ends
- Apr 2035
Assumption
Assumption + second
$2,205/mo
+$1,269/mo- Down payment
- $24,783
- Funds due
- $35,430
- Interest + MI left
- $300,280
- First ends
- Apr 2035
New loan
New conventional
$1,799/mo
+$863/mo- Down payment
- $24,783
- Funds due
- $32,120
- Interest + MI left
- $324,918
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,217 | $49,217 | $222,217 |
| Second mortgage | — | $173,000 | — |
| First P&I | $608.71 | $608.71 | $1,505.38 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $78.08 | $78.08 | $44.44 |
| Taxes, insurance & HOA | $248.83 | $248.83 | $248.83 |
| Total housing payment | $935.63 | $2,205.04 | $1,798.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,783
Closing costs & prepaids$10,646
Usable credit−$0
Total buyer cash needed$35,430
Earnest money paid−$0
Remaining funds due$35,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,470.00
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)$296.50
Prepaid interest, first (9 days)$63.71
Prepaid interest, second (9 days)$341.26
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 closing8 yr 4 moOf the original 30-year loan at 5.25%
Interest already paid$97,248Through Dec 2026
Assumption only · ends Apr 2035$16,291
Assumption + second · ends Apr 2035, second Jan 2057$300,280
New conventional · ends Jan 2057$324,918