Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,318/mo
Lowest payment- Down payment
- $138,974
- Funds due
- $149,017
- Interest + MI left
- $33,704
- First ends
- Aug 2042
Assumption
Assumption + second
$2,177/mo
+$859/mo- Down payment
- $21,974
- Funds due
- $33,293
- Interest + MI left
- $225,765
- First ends
- Aug 2042
New loan
New conventional
$2,078/mo
+$760/mo- Down payment
- $21,974
- Funds due
- $30,028
- Interest + MI left
- $292,698
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,026 | $76,026 | $193,026 |
| Second mortgage | — | $117,000 | — |
| First P&I | $533.28 | $533.28 | $1,336.47 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $81.56 | $81.56 | $38.61 |
| Taxes, insurance & HOA | $703.33 | $703.33 | $703.33 |
| Total housing payment | $1,318.18 | $2,176.68 | $2,078.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,974
Closing costs & prepaids$11,318
Usable credit−$0
Total buyer cash needed$33,293
Earnest money paid−$0
Remaining funds due$33,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$592.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (1 days)$7.81
Prepaid interest, second (1 days)$25.64
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 closing15 yr 9 moOf the original 30-year loan at 3.750%
Interest already paid$52,066Through Nov 2026
Assumption only · ends Aug 2042$33,704
Assumption + second · ends Aug 2042, second Dec 2056$225,765
New conventional · ends Dec 2056$292,698