Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $192,004
- Funds due
- $202,227
- Interest + MI left
- $45,496
- First ends
- Aug 2039
Assumption
Assumption + second
$2,696/mo
+$1,189/mo- Down payment
- $30,004
- Funds due
- $41,797
- Interest + MI left
- $311,428
- First ends
- Aug 2039
New loan
New conventional
$2,326/mo
+$819/mo- Down payment
- $30,004
- Funds due
- $38,486
- Interest + MI left
- $394,779
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,996 | $107,996 | $269,996 |
| Second mortgage | — | $162,000 | — |
| First P&I | $933.43 | $933.43 | $1,829.05 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $130.49 | $130.49 | $54.00 |
| Taxes, insurance & HOA | $443.00 | $443.00 | $443.00 |
| Total housing payment | $1,506.92 | $2,695.62 | $2,326.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,004
Closing costs & prepaids$11,793
Usable credit−$0
Total buyer cash needed$41,797
Earnest money paid−$0
Remaining funds due$41,797
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$519.00
Prepaid interest, first (9 days)$119.83
Prepaid interest, second (9 days)$319.56
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 closing12 yr 8 moOf the original 30-year loan at 4.5%
Interest already paid$117,927Through Dec 2026
Assumption only · ends Aug 2039$45,496
Assumption + second · ends Aug 2039, second Jan 2057$311,428
New conventional · ends Jan 2057$394,779