Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,093/mo
Lowest payment- Down payment
- $144,180
- Funds due
- $153,578
- Interest + MI left
- $55,648
- First ends
- Aug 2046
Assumption
Assumption + second
$1,966/mo
+$873/mo- Down payment
- $25,180
- Funds due
- $35,854
- Interest + MI left
- $250,992
- First ends
- Aug 2046
New loan
New conventional
$1,972/mo
+$880/mo- Down payment
- $25,180
- Funds due
- $32,561
- Interest + MI left
- $340,955
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,820 | $105,820 | $224,820 |
| Second mortgage | — | $119,000 | — |
| First P&I | $624.52 | $624.52 | $1,556.61 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $97.30 | $97.30 | $44.96 |
| Taxes, insurance & HOA | $370.75 | $370.75 | $370.75 |
| Total housing payment | $1,092.57 | $1,965.75 | $1,972.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,180
Closing costs & prepaids$10,674
Usable credit−$0
Total buyer cash needed$35,854
Earnest money paid−$0
Remaining funds due$35,854
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$227.25
Initial HOA (3 months)$435.00
Prepaid interest, first (1 days)$10.44
Prepaid interest, second (1 days)$26.08
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 closing19 yr 9 moOf the original 30-year loan at 3.600%
Interest already paid$45,272Through Nov 2026
Assumption only · ends Aug 2046$55,648
Assumption + second · ends Aug 2046, second Dec 2056$250,992
New conventional · ends Dec 2056$340,955