Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,089/mo
Lowest payment- Down payment
- $178,100
- Funds due
- $188,040
- Interest + MI left
- $41,403
- First ends
- Aug 2045
Assumption
Assumption + second
$2,204/mo
+$1,115/mo- Down payment
- $26,100
- Funds due
- $37,357
- Interest + MI left
- $290,919
- First ends
- Aug 2045
New loan
New conventional
$2,163/mo
+$1,075/mo- Down payment
- $26,100
- Funds due
- $34,056
- Interest + MI left
- $346,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,800 | $76,800 | $228,800 |
| Second mortgage | — | $152,000 | — |
| First P&I | $482.94 | $482.94 | $1,584.16 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $72.26 | $72.26 | $45.76 |
| Taxes, insurance & HOA | $533.33 | $533.33 | $533.33 |
| Total housing payment | $1,088.53 | $2,203.85 | $2,163.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,100
Closing costs & prepaids$11,257
Usable credit−$0
Total buyer cash needed$37,357
Earnest money paid−$0
Remaining funds due$37,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$880.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$16.54
Prepaid interest, second (2 days)$66.63
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 9 moOf the original 30-year loan at 3.930%
Interest already paid$39,980Through Nov 2026
Assumption only · ends Aug 2045$41,403
Assumption + second · ends Aug 2045, second Dec 2056$290,919
New conventional · ends Dec 2056$346,945