Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $110,778
- Funds due
- $120,401
- Interest + MI left
- $111,458
- First ends
- Aug 2052
Assumption
Assumption + second
$1,970/mo
+$676/mo- Down payment
- $26,778
- Funds due
- $37,693
- Interest + MI left
- $270,776
- First ends
- Aug 2052
New loan
New conventional
$2,067/mo
+$772/mo- Down payment
- $26,778
- Funds due
- $34,395
- Interest + MI left
- $353,604
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,222 | $149,222 | $233,222 |
| Second mortgage | — | $84,000 | — |
| First P&I | $774.32 | $774.32 | $1,614.78 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $114.88 | $114.88 | $46.64 |
| Taxes, insurance & HOA | $405.08 | $405.08 | $405.08 |
| Total housing payment | $1,294.28 | $1,970.17 | $2,066.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,778
Closing costs & prepaids$10,914
Usable credit−$0
Total buyer cash needed$37,693
Earnest money paid−$0
Remaining funds due$37,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$624.25
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$32.71
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 closing25 yr 9 moOf the original 30-year loan at 4.000%
Interest already paid$26,523Through Nov 2026
Assumption only · ends Aug 2052$111,458
Assumption + second · ends Aug 2052, second Dec 2056$270,776
New conventional · ends Dec 2056$353,604