Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $106,228
- Funds due
- $116,335
- Interest + MI left
- $49,945
- First ends
- Sep 2042
Assumption
Assumption + second
$2,292/mo
+$676/mo- Down payment
- $22,228
- Funds due
- $33,627
- Interest + MI left
- $209,263
- First ends
- Sep 2042
New loan
New conventional
$2,112/mo
+$496/mo- Down payment
- $22,228
- Funds due
- $30,370
- Interest + MI left
- $299,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,772 | $113,772 | $197,772 |
| Second mortgage | — | $84,000 | — |
| First P&I | $790.99 | $790.99 | $1,369.33 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $122.03 | $122.03 | $39.55 |
| Taxes, insurance & HOA | $703.00 | $703.00 | $703.00 |
| Total housing payment | $1,616.01 | $2,291.89 | $2,111.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,228
Closing costs & prepaids$11,398
Usable credit−$0
Total buyer cash needed$33,627
Earnest money paid−$0
Remaining funds due$33,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$1,659.00
Prepaid interest, first (2 days)$22.94
Prepaid interest, second (2 days)$41.42
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 10 moOf the original 30-year loan at 3.680%
Interest already paid$75,968Through Nov 2026
Assumption only · ends Sep 2042$49,945
Assumption + second · ends Sep 2042, second Dec 2056$209,263
New conventional · ends Dec 2056$299,895