Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,201/mo
Lowest payment- Down payment
- $135,429
- Funds due
- $144,719
- Interest + MI left
- $33,225
- First ends
- Dec 2038
Assumption
Assumption + second
$2,045/mo
+$844/mo- Down payment
- $20,429
- Funds due
- $31,020
- Interest + MI left
- $222,004
- First ends
- Dec 2038
New loan
New conventional
$1,777/mo
+$575/mo- Down payment
- $20,429
- Funds due
- $27,766
- Interest + MI left
- $272,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,471 | $64,471 | $179,471 |
| Second mortgage | — | $115,000 | — |
| First P&I | $629.52 | $629.52 | $1,242.62 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $73.58 | $73.58 | $35.89 |
| Taxes, insurance & HOA | $498.17 | $498.17 | $498.17 |
| Total housing payment | $1,201.27 | $2,045.10 | $1,776.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,429
Closing costs & prepaids$10,590
Usable credit−$0
Total buyer cash needed$31,020
Earnest money paid−$0
Remaining funds due$31,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$513.50
Initial HOA (3 months)$531.00
Prepaid interest, first (2 days)$21.55
Prepaid interest, second (2 days)$50.41
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 closing12 yr 1 moOf the original 30-year loan at 6.100%
Interest already paid$95,936Through Nov 2026
Assumption only · ends Dec 2038$33,225
Assumption + second · ends Dec 2038, second Dec 2056$222,004
New conventional · ends Dec 2056$272,144