Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$729/mo
Lowest payment- Down payment
- $174,602
- Funds due
- $183,614
- Interest + MI left
- $4,166
- First ends
- Oct 2032
Assumption
Assumption + second
$1,867/mo
+$1,137/mo- Down payment
- $19,602
- Funds due
- $30,170
- Interest + MI left
- $258,606
- First ends
- Oct 2032
New loan
New conventional
$1,626/mo
+$897/mo- Down payment
- $19,602
- Funds due
- $26,897
- Interest + MI left
- $249,082
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,398 | $15,398 | $170,398 |
| Second mortgage | — | $155,000 | — |
| First P&I | $260.74 | $260.74 | $1,154.34 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $30.65 | $30.65 | $34.08 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $729.39 | $1,866.72 | $1,626.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,602
Closing costs & prepaids$10,567
Usable credit−$0
Total buyer cash needed$30,170
Earnest money paid−$0
Remaining funds due$30,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$228.00
Initial HOA (3 months)$636.00
Prepaid interest, first (9 days)$22.51
Prepaid interest, second (9 days)$305.75
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 closing5 yr 10 moOf the original 29-year loan at 5.93%
Interest already paid$44,611Through Dec 2026
Assumption only · ends Oct 2032$4,166
Assumption + second · ends Oct 2032, second Jan 2057$258,606
New conventional · ends Jan 2057$249,082