Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,097/mo
Lowest payment- Down payment
- $67,511
- Funds due
- $76,119
- Interest + MI left
- $29,996
- First ends
- Jul 2040
Assumption
Assumption + second
$1,532/mo
+$434/mo- Down payment
- $13,511
- Funds due
- $23,382
- Interest + MI left
- $132,415
- First ends
- Jul 2040
New loan
New conventional
$1,334/mo
+$237/mo- Down payment
- $13,511
- Funds due
- $20,199
- Interest + MI left
- $175,078
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,489 | $61,489 | $115,489 |
| Second mortgage | — | $54,000 | — |
| First P&I | $517.32 | $517.32 | $799.62 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $68.49 | $68.49 | $23.10 |
| Taxes, insurance & HOA | $511.50 | $511.50 | $511.50 |
| Total housing payment | $1,097.31 | $1,531.81 | $1,334.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,511
Closing costs & prepaids$9,871
Usable credit−$0
Total buyer cash needed$23,382
Earnest money paid−$0
Remaining funds due$23,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,290.00
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)$322.50
Initial HOA (3 months)$762.00
Prepaid interest, first (1 days)$8.37
Prepaid interest, second (1 days)$13.32
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 closing13 yr 8 moOf the original 30-year loan at 4.970%
Interest already paid$66,187Through Nov 2026
Assumption only · ends Jul 2040$29,996
Assumption + second · ends Jul 2040, second Dec 2056$132,415
New conventional · ends Dec 2056$175,078