Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $117,674
- Funds due
- $127,413
- Interest + MI left
- $76,095
- First ends
- Sep 2045
Assumption
Assumption + second
$2,203/mo
+$740/mo- Down payment
- $25,674
- Funds due
- $36,685
- Interest + MI left
- $250,586
- First ends
- Sep 2045
New loan
New conventional
$2,100/mo
+$637/mo- Down payment
- $25,674
- Funds due
- $33,387
- Interest + MI left
- $347,787
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,325 | $137,325 | $229,325 |
| Second mortgage | — | $92,000 | — |
| First P&I | $868.80 | $868.80 | $1,587.80 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $128.28 | $128.28 | $45.87 |
| Taxes, insurance & HOA | $466.08 | $466.08 | $466.08 |
| Total housing payment | $1,463.17 | $2,203.42 | $2,099.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,674
Closing costs & prepaids$11,011
Usable credit−$0
Total buyer cash needed$36,685
Earnest money paid−$0
Remaining funds due$36,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.99
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)$201.25
Initial HOA (3 months)$747.00
Prepaid interest, first (1 days)$15.20
Prepaid interest, second (1 days)$22.68
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 10 moOf the original 30-year loan at 4.040%
Interest already paid$72,640Through Nov 2026
Assumption only · ends Sep 2045$76,095
Assumption + second · ends Sep 2045, second Dec 2056$250,586
New conventional · ends Dec 2056$347,787