Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,082/mo
Lowest payment- Down payment
- $176,720
- Funds due
- $186,268
- Interest + MI left
- $57,254
- First ends
- Aug 2045
Assumption
Assumption + second
$2,168/mo
+$1,086/mo- Down payment
- $28,720
- Funds due
- $39,551
- Interest + MI left
- $300,203
- First ends
- Aug 2045
New loan
New conventional
$2,130/mo
+$1,048/mo- Down payment
- $28,720
- Funds due
- $36,221
- Interest + MI left
- $388,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,280 | $108,280 | $256,280 |
| Second mortgage | — | $148,000 | — |
| First P&I | $675.84 | $675.84 | $1,774.43 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $102.24 | $102.24 | $51.26 |
| Taxes, insurance & HOA | $303.83 | $303.83 | $303.83 |
| Total housing payment | $1,081.91 | $2,167.88 | $2,129.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,720
Closing costs & prepaids$10,830
Usable credit−$0
Total buyer cash needed$39,551
Earnest money paid−$0
Remaining funds due$39,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$251.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$11.39
Prepaid interest, second (1 days)$32.44
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 closing18 yr 9 moOf the original 30-year loan at 3.840%
Interest already paid$55,181Through Nov 2026
Assumption only · ends Aug 2045$57,254
Assumption + second · ends Aug 2045, second Dec 2056$300,203
New conventional · ends Dec 2056$388,666