Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$990/mo
Lowest payment- Down payment
- $202,966
- Funds due
- $212,056
- Interest + MI left
- $14,596
- First ends
- Mar 2034
Assumption
Assumption + second
$2,288/mo
+$1,299/mo- Down payment
- $25,966
- Funds due
- $36,655
- Interest + MI left
- $305,151
- First ends
- Mar 2034
New loan
New conventional
$1,812/mo
+$822/mo- Down payment
- $25,966
- Funds due
- $33,327
- Interest + MI left
- $327,339
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,934 | $46,934 | $223,934 |
| Second mortgage | — | $177,000 | — |
| First P&I | $658.73 | $658.73 | $1,517.01 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $80.83 | $80.83 | $44.79 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $989.56 | $2,288.33 | $1,811.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,966
Closing costs & prepaids$10,689
Usable credit−$0
Total buyer cash needed$36,655
Earnest money paid−$0
Remaining funds due$36,655
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Prepaid interest, first (9 days)$65.39
Prepaid interest, second (9 days)$349.15
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 closing7 yr 3 moOf the original 30-year loan at 5.65%
Interest already paid$112,649Through Dec 2026
Assumption only · ends Mar 2034$14,596
Assumption + second · ends Mar 2034, second Jan 2057$305,151
New conventional · ends Jan 2057$327,339