Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,299/mo
Lowest payment- Down payment
- $124,042
- Funds due
- $134,170
- Interest + MI left
- $19,119
- First ends
- Oct 2039
Assumption
Assumption + second
$2,084/mo
+$785/mo- Down payment
- $17,042
- Funds due
- $28,561
- Interest + MI left
- $194,765
- First ends
- Oct 2039
New loan
New conventional
$1,921/mo
+$622/mo- Down payment
- $17,042
- Funds due
- $25,340
- Interest + MI left
- $216,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,858 | $40,858 | $147,858 |
| Second mortgage | — | $107,000 | — |
| First P&I | $361.46 | $361.46 | $1,001.64 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $47.32 | $47.32 | $29.57 |
| Taxes, insurance & HOA | $890.00 | $890.00 | $890.00 |
| Total housing payment | $1,298.78 | $2,083.90 | $1,921.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,042
Closing costs & prepaids$11,519
Usable credit−$0
Total buyer cash needed$28,561
Earnest money paid−$0
Remaining funds due$28,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,649.00
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)$198.00
Initial HOA (3 months)$2,022.00
Prepaid interest, first (6 days)$34.05
Prepaid interest, second (6 days)$140.71
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 closing12 yr 10 moOf the original 30-year loan at 5.07%
Interest already paid$48,519Through Dec 2026
Assumption only · ends Oct 2039$19,119
Assumption + second · ends Oct 2039, second Jan 2057$194,765
New conventional · ends Jan 2057$216,134