Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,046/mo
Lowest payment- Down payment
- $122,651
- Funds due
- $133,962
- Interest + MI left
- $81,085
- First ends
- Apr 2045
Assumption
Assumption + second
$2,802/mo
+$756/mo- Down payment
- $28,651
- Funds due
- $41,258
- Interest + MI left
- $259,369
- First ends
- Apr 2045
New loan
New conventional
$2,699/mo
+$653/mo- Down payment
- $28,651
- Funds due
- $37,945
- Interest + MI left
- $384,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,349 | $159,349 | $253,349 |
| Second mortgage | — | $94,000 | — |
| First P&I | $998.72 | $998.72 | $1,754.14 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $152.94 | $152.94 | $50.67 |
| Taxes, insurance & HOA | $894.25 | $894.25 | $894.25 |
| Total housing payment | $2,045.90 | $2,802.25 | $2,699.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,651
Closing costs & prepaids$12,607
Usable credit−$0
Total buyer cash needed$41,258
Earnest money paid−$0
Remaining funds due$41,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,820.00
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)$2,226.50
Initial HOA (3 months)$6.24
Prepaid interest, first (2 days)$32.66
Prepaid interest, second (2 days)$46.36
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 closing18 yr 5 moOf the original 30-year loan at 3.740%
Interest already paid$82,254Through Nov 2026
Assumption only · ends Apr 2045$81,085
Assumption + second · ends Apr 2045, second Dec 2056$259,369
New conventional · ends Dec 2056$384,170