Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,196/mo
Lowest payment- Down payment
- $129,584
- Funds due
- $139,192
- Interest + MI left
- $50,600
- First ends
- Jan 2046
Assumption
Assumption + second
$1,981/mo
+$785/mo- Down payment
- $22,584
- Funds due
- $33,466
- Interest + MI left
- $226,246
- First ends
- Jan 2046
New loan
New conventional
$1,967/mo
+$770/mo- Down payment
- $22,584
- Funds due
- $30,198
- Interest + MI left
- $306,977
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,416 | $95,416 | $202,416 |
| Second mortgage | — | $107,000 | — |
| First P&I | $582.76 | $582.76 | $1,401.49 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $89.02 | $89.02 | $40.48 |
| Taxes, insurance & HOA | $524.58 | $524.58 | $524.58 |
| Total housing payment | $1,196.37 | $1,981.50 | $1,966.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,584
Closing costs & prepaids$10,882
Usable credit−$0
Total buyer cash needed$33,466
Earnest money paid−$0
Remaining funds due$33,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$223.75
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$9.83
Prepaid interest, second (1 days)$23.45
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 closing19 yr 2 moOf the original 30-year loan at 3.760%
Interest already paid$45,494Through Nov 2026
Assumption only · ends Jan 2046$50,600
Assumption + second · ends Jan 2046, second Dec 2056$226,246
New conventional · ends Dec 2056$306,977