Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,009/mo
Lowest payment- Down payment
- $163,478
- Funds due
- $172,933
- Interest + MI left
- $42,538
- First ends
- Apr 2045
Assumption
Assumption + second
$2,022/mo
+$1,013/mo- Down payment
- $25,478
- Funds due
- $36,213
- Interest + MI left
- $269,072
- First ends
- Apr 2045
New loan
New conventional
$1,989/mo
+$980/mo- Down payment
- $25,478
- Funds due
- $32,915
- Interest + MI left
- $340,306
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,422 | $86,422 | $224,422 |
| Second mortgage | — | $138,000 | — |
| First P&I | $535.03 | $535.03 | $1,553.85 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $83.46 | $83.46 | $44.88 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $1,009.16 | $2,021.75 | $1,989.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,478
Closing costs & prepaids$10,735
Usable credit−$0
Total buyer cash needed$36,213
Earnest money paid−$0
Remaining funds due$36,213
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$299.00
Initial HOA (3 months)$423.00
Prepaid interest, first (1 days)$8.50
Prepaid interest, second (1 days)$30.25
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 5 moOf the original 30-year loan at 3.590%
Interest already paid$42,965Through Nov 2026
Assumption only · ends Apr 2045$42,538
Assumption + second · ends Apr 2045, second Dec 2056$269,072
New conventional · ends Dec 2056$340,306