Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $63,940
- Funds due
- $73,674
- Interest + MI left
- $47,734
- First ends
- May 2046
Assumption
Assumption + second
$1,802/mo
+$386/mo- Down payment
- $15,940
- Funds due
- $26,995
- Interest + MI left
- $138,773
- First ends
- May 2046
New loan
New conventional
$1,754/mo
+$339/mo- Down payment
- $15,940
- Funds due
- $23,824
- Interest + MI left
- $203,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,960 | $90,960 | $138,960 |
| Second mortgage | — | $48,000 | — |
| First P&I | $545.96 | $545.96 | $941.36 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $84.43 | $84.43 | $27.79 |
| Taxes, insurance & HOA | $785.00 | $785.00 | $785.00 |
| Total housing payment | $1,415.40 | $1,801.62 | $1,754.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,940
Closing costs & prepaids$11,055
Usable credit−$0
Total buyer cash needed$26,995
Earnest money paid−$0
Remaining funds due$26,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,549.00
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)$186.00
Initial HOA (3 months)$1,719.00
Prepaid interest, first (6 days)$54.73
Prepaid interest, second (6 days)$71.01
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 5 moOf the original 30-year loan at 3.66%
Interest already paid$41,097Through Dec 2026
Assumption only · ends May 2046$47,734
Assumption + second · ends May 2046, second Jan 2057$138,773
New conventional · ends Jan 2057$203,155