Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $102,214
- Funds due
- $111,677
- Interest + MI left
- $41,967
- First ends
- Aug 2040
Assumption
Assumption + second
$2,116/mo
+$652/mo- Down payment
- $21,214
- Funds due
- $31,967
- Interest + MI left
- $195,595
- First ends
- Aug 2040
New loan
New conventional
$1,857/mo
+$393/mo- Down payment
- $21,214
- Funds due
- $28,717
- Interest + MI left
- $282,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,284 | $105,284 | $186,284 |
| Second mortgage | — | $81,000 | — |
| First P&I | $834.25 | $834.25 | $1,289.79 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $100.00 | $100.00 | $37.26 |
| Taxes, insurance & HOA | $529.83 | $529.83 | $529.83 |
| Total housing payment | $1,464.09 | $2,115.83 | $1,856.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,214
Closing costs & prepaids$10,753
Usable credit−$0
Total buyer cash needed$31,967
Earnest money paid−$0
Remaining funds due$31,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,074.98
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)$1,068.25
Initial HOA (3 months)$71.25
Prepaid interest, first (2 days)$23.48
Prepaid interest, second (2 days)$39.95
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 closing13 yr 9 moOf the original 21-year loan at 4.070%
Interest already paid$36,683Through Nov 2026
Assumption only · ends Aug 2040$41,967
Assumption + second · ends Aug 2040, second Dec 2056$195,595
New conventional · ends Dec 2056$282,475