Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,254/mo
Lowest payment- Down payment
- $129,407
- Funds due
- $138,893
- Interest + MI left
- $129,534
- First ends
- Jun 2052
Assumption
Assumption + second
$1,995/mo
+$741/mo- Down payment
- $28,407
- Funds due
- $39,165
- Interest + MI left
- $295,331
- First ends
- Jun 2052
New loan
New conventional
$2,090/mo
+$836/mo- Down payment
- $28,407
- Funds due
- $35,841
- Interest + MI left
- $381,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,592 | $150,592 | $251,592 |
| Second mortgage | — | $101,000 | — |
| First P&I | $841.41 | $841.41 | $1,741.97 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $115.32 | $115.32 | $50.32 |
| Taxes, insurance & HOA | $297.25 | $297.25 | $297.25 |
| Total housing payment | $1,253.98 | $1,995.08 | $2,089.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,407
Closing costs & prepaids$10,758
Usable credit−$0
Total buyer cash needed$39,165
Earnest money paid−$0
Remaining funds due$39,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.99
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)$216.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$19.27
Prepaid interest, second (1 days)$22.14
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 closing25 yr 7 moOf the original 30-year loan at 4.670%
Interest already paid$32,387Through Nov 2026
Assumption only · ends Jun 2052$129,534
Assumption + second · ends Jun 2052, second Dec 2056$295,331
New conventional · ends Dec 2056$381,506