Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,104/mo
Lowest payment- Down payment
- $158,901
- Funds due
- $168,314
- Interest + MI left
- $30,708
- First ends
- Jan 2040
Assumption
Assumption + second
$2,102/mo
+$998/mo- Down payment
- $22,901
- Funds due
- $33,593
- Interest + MI left
- $253,959
- First ends
- Jan 2040
New loan
New conventional
$1,899/mo
+$796/mo- Down payment
- $22,901
- Funds due
- $30,317
- Interest + MI left
- $306,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,099 | $66,099 | $202,099 |
| Second mortgage | — | $136,000 | — |
| First P&I | $567.87 | $567.87 | $1,399.29 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $75.96 | $75.96 | $40.42 |
| Taxes, insurance & HOA | $459.75 | $459.75 | $459.75 |
| Total housing payment | $1,103.58 | $2,101.50 | $1,899.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,901
Closing costs & prepaids$10,693
Usable credit−$0
Total buyer cash needed$33,593
Earnest money paid−$0
Remaining funds due$33,593
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)$929.25
Prepaid interest, first (1 days)$8.84
Prepaid interest, second (1 days)$29.81
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 closing13 yr 2 moOf the original 30-year loan at 4.880%
Interest already paid$73,565Through Nov 2026
Assumption only · ends Jan 2040$30,708
Assumption + second · ends Jan 2040, second Dec 2056$253,959
New conventional · ends Dec 2056$306,456