Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,320/mo
Lowest payment- Down payment
- $159,492
- Funds due
- $169,623
- Interest + MI left
- $53,529
- First ends
- Feb 2045
Assumption
Assumption + second
$2,295/mo
+$976/mo- Down payment
- $26,492
- Funds due
- $37,932
- Interest + MI left
- $271,856
- First ends
- Feb 2045
New loan
New conventional
$2,238/mo
+$918/mo- Down payment
- $26,492
- Funds due
- $34,631
- Interest + MI left
- $352,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,508 | $99,508 | $232,508 |
| Second mortgage | — | $133,000 | — |
| First P&I | $643.01 | $643.01 | $1,609.84 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $94.94 | $94.94 | $46.50 |
| Taxes, insurance & HOA | $581.58 | $581.58 | $581.58 |
| Total housing payment | $1,319.54 | $2,295.45 | $2,237.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,492
Closing costs & prepaids$11,440
Usable credit−$0
Total buyer cash needed$37,932
Earnest money paid−$0
Remaining funds due$37,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,590.00
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)$274.75
Initial HOA (3 months)$1,020.00
Prepaid interest, first (2 days)$22.03
Prepaid interest, second (2 days)$58.30
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 closing18 yr 3 moOf the original 30-year loan at 4.040%
Interest already paid$56,135Through Nov 2026
Assumption only · ends Feb 2045$53,529
Assumption + second · ends Feb 2045, second Dec 2056$271,856
New conventional · ends Dec 2056$352,568