Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$958/mo
Lowest payment- Down payment
- $188,361
- Funds due
- $197,521
- Interest + MI left
- $8,650
- First ends
- Dec 2032
Assumption
Assumption + second
$2,176/mo
+$1,218/mo- Down payment
- $22,361
- Funds due
- $32,807
- Interest + MI left
- $281,147
- First ends
- Dec 2032
New loan
New conventional
$1,797/mo
+$840/mo- Down payment
- $22,361
- Funds due
- $29,532
- Interest + MI left
- $298,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,639 | $30,639 | $196,639 |
| Second mortgage | — | $166,000 | — |
| First P&I | $502.00 | $502.00 | $1,361.49 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $59.31 | $59.31 | $39.33 |
| Taxes, insurance & HOA | $396.58 | $396.58 | $396.58 |
| Total housing payment | $957.89 | $2,175.94 | $1,797.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,361
Closing costs & prepaids$10,446
Usable credit−$0
Total buyer cash needed$32,807
Earnest money paid−$0
Remaining funds due$32,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$94.75
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$5.04
Prepaid interest, second (1 days)$36.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing6 yr 1 moOf the original 30-year loan at 6.000%
Interest already paid$90,983Through Nov 2026
Assumption only · ends Dec 2032$8,650
Assumption + second · ends Dec 2032, second Dec 2056$281,147
New conventional · ends Dec 2056$298,177