Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $138,157
- Funds due
- $148,389
- Interest + MI left
- $74,469
- First ends
- Aug 2046
Assumption
Assumption + second
$2,302/mo
+$807/mo- Down payment
- $28,157
- Funds due
- $39,783
- Interest + MI left
- $255,040
- First ends
- Aug 2046
New loan
New conventional
$2,280/mo
+$785/mo- Down payment
- $28,157
- Funds due
- $36,520
- Interest + MI left
- $368,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,843 | $141,843 | $251,843 |
| Second mortgage | — | $110,000 | — |
| First P&I | $840.29 | $840.29 | $1,706.07 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $130.75 | $130.75 | $50.37 |
| Taxes, insurance & HOA | $524.00 | $524.00 | $524.00 |
| Total housing payment | $1,495.04 | $2,302.18 | $2,280.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,157
Closing costs & prepaids$11,626
Usable credit−$0
Total buyer cash needed$39,783
Earnest money paid−$0
Remaining funds due$39,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$786.00
Prepaid interest, first (6 days)$84.17
Prepaid interest, second (6 days)$144.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 3.61%
Interest already paid$61,444Through Dec 2026
Assumption only · ends Aug 2046$74,469
Assumption + second · ends Aug 2046, second Jan 2057$255,040
New conventional · ends Jan 2057$368,236