Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $158,507
- Funds due
- $168,883
- Interest + MI left
- $45,534
- First ends
- Aug 2042
Assumption
Assumption + second
$2,459/mo
+$969/mo- Down payment
- $26,507
- Funds due
- $38,191
- Interest + MI left
- $262,219
- First ends
- Aug 2042
New loan
New conventional
$2,334/mo
+$843/mo- Down payment
- $26,507
- Funds due
- $34,892
- Interest + MI left
- $358,553
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,424 | $104,424 | $236,424 |
| Second mortgage | — | $132,000 | — |
| First P&I | $728.31 | $728.31 | $1,636.95 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $112.49 | $112.49 | $47.28 |
| Taxes, insurance & HOA | $650.08 | $650.08 | $650.08 |
| Total housing payment | $1,490.88 | $2,459.45 | $2,334.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,507
Closing costs & prepaids$11,683
Usable credit−$0
Total buyer cash needed$38,191
Earnest money paid−$0
Remaining funds due$38,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,629.31
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)$600.25
Initial HOA (3 months)$900.00
Prepaid interest, first (2 days)$21.00
Prepaid interest, second (2 days)$57.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing15 yr 9 moOf the original 30-year loan at 3.670%
Interest already paid$70,149Through Nov 2026
Assumption only · ends Aug 2042$45,534
Assumption + second · ends Aug 2042, second Dec 2056$262,219
New conventional · ends Dec 2056$358,553