Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,716/mo
+$56/mo- Down payment
- $121,670
- Funds due
- $132,452
- Interest + MI left
- $71,695
- First ends
- Mar 2038
Assumption
Assumption + second
$3,432/mo
+$772/mo- Down payment
- $32,670
- Funds due
- $44,724
- Interest + MI left
- $240,496
- First ends
- Mar 2038
New loan
New conventional
$2,661/mo
Lowest payment- Down payment
- $32,670
- Funds due
- $41,362
- Interest + MI left
- $443,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,330 | $203,330 | $292,330 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,861.92 | $1,861.92 | $2,024.03 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $276.25 | $276.25 | $58.47 |
| Taxes, insurance & HOA | $578.16 | $578.16 | $578.16 |
| Total housing payment | $2,716.33 | $3,432.45 | $2,660.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,670
Closing costs & prepaids$12,054
Usable credit−$0
Total buyer cash needed$44,724
Earnest money paid−$0
Remaining funds due$44,724
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$512.50
Initial HOA (3 months)$771.99
Prepaid interest, first (1 days)$22.28
Prepaid interest, second (1 days)$21.95
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 closing11 yr 4 moOf the original 30-year loan at 4.000%
Interest already paid$230,400Through Nov 2026
Assumption only · ends Mar 2038$71,695
Assumption + second · ends Mar 2038, second Dec 2056$240,496
New conventional · ends Dec 2056$443,338