Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
Lowest payment- Down payment
- $148,858
- Funds due
- $159,340
- Interest + MI left
- $52,753
- First ends
- Jan 2047
Assumption
Assumption + second
$2,300/mo
+$910/mo- Down payment
- $24,858
- Funds due
- $36,644
- Interest + MI left
- $256,305
- First ends
- Jan 2047
New loan
New conventional
$2,295/mo
+$905/mo- Down payment
- $24,858
- Funds due
- $33,359
- Interest + MI left
- $326,191
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,142 | $91,142 | $215,142 |
| Second mortgage | — | $124,000 | — |
| First P&I | $546.44 | $546.44 | $1,489.60 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $81.67 | $81.67 | $43.03 |
| Taxes, insurance & HOA | $762.33 | $762.33 | $762.33 |
| Total housing payment | $1,390.44 | $2,300.31 | $2,294.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,858
Closing costs & prepaids$11,786
Usable credit−$0
Total buyer cash needed$36,644
Earnest money paid−$0
Remaining funds due$36,644
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$397.00
Initial HOA (3 months)$1,440.00
Prepaid interest, first (2 days)$19.68
Prepaid interest, second (2 days)$54.36
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 closing20 yr 2 moOf the original 30-year loan at 3.940%
Interest already paid$40,330Through Nov 2026
Assumption only · ends Jan 2047$52,753
Assumption + second · ends Jan 2047, second Dec 2056$256,305
New conventional · ends Dec 2056$326,191