Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,038/mo
Lowest payment- Down payment
- $170,090
- Funds due
- $179,767
- Interest + MI left
- $41,442
- First ends
- Jul 2045
Assumption
Assumption + second
$2,102/mo
+$1,064/mo- Down payment
- $25,090
- Funds due
- $36,049
- Interest + MI left
- $279,467
- First ends
- Jul 2045
New loan
New conventional
$2,067/mo
+$1,029/mo- Down payment
- $25,090
- Funds due
- $32,754
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,910 | $79,910 | $224,910 |
| Second mortgage | — | $145,000 | — |
| First P&I | $497.41 | $497.41 | $1,557.23 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $75.89 | $75.89 | $44.98 |
| Taxes, insurance & HOA | $464.67 | $464.67 | $464.67 |
| Total housing payment | $1,037.97 | $2,101.93 | $2,066.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,090
Closing costs & prepaids$10,959
Usable credit−$0
Total buyer cash needed$36,049
Earnest money paid−$0
Remaining funds due$36,049
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)$554.00
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$8.25
Prepaid interest, second (1 days)$31.78
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 8 moOf the original 30-year loan at 3.770%
Interest already paid$40,416Through Nov 2026
Assumption only · ends Jul 2045$41,442
Assumption + second · ends Jul 2045, second Dec 2056$279,467
New conventional · ends Dec 2056$341,091