Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $92,760
- Funds due
- $103,446
- Interest + MI left
- $83,255
- First ends
- Jan 2046
Assumption
Assumption + second
$2,420/mo
+$539/mo- Down payment
- $25,760
- Funds due
- $37,795
- Interest + MI left
- $210,330
- First ends
- Jan 2046
New loan
New conventional
$2,332/mo
+$451/mo- Down payment
- $25,760
- Funds due
- $34,555
- Interest + MI left
- $326,325
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,240 | $156,240 | $223,240 |
| Second mortgage | — | $67,000 | — |
| First P&I | $960.32 | $960.32 | $1,512.31 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $145.99 | $145.99 | $44.65 |
| Taxes, insurance & HOA | $774.58 | $774.58 | $774.58 |
| Total housing payment | $1,880.89 | $2,419.99 | $2,331.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,760
Closing costs & prepaids$12,035
Usable credit−$0
Total buyer cash needed$37,795
Earnest money paid−$0
Remaining funds due$37,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$298.75
Initial HOA (3 months)$1,575.00
Prepaid interest, first (6 days)$97.60
Prepaid interest, second (6 days)$99.12
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 1 moOf the original 30-year loan at 3.8%
Interest already paid$75,945Through Dec 2026
Assumption only · ends Jan 2046$83,255
Assumption + second · ends Jan 2046, second Jan 2057$210,330
New conventional · ends Jan 2057$326,325