Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $134,767
- Funds due
- $144,382
- Interest + MI left
- $34,630
- First ends
- Oct 2040
Assumption
Assumption + second
$2,084/mo
+$829/mo- Down payment
- $21,767
- Funds due
- $32,805
- Interest + MI left
- $220,125
- First ends
- Oct 2040
New loan
New conventional
$1,871/mo
+$616/mo- Down payment
- $21,767
- Funds due
- $29,558
- Interest + MI left
- $275,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,233 | $75,233 | $188,233 |
| Second mortgage | — | $113,000 | — |
| First P&I | $611.92 | $611.92 | $1,275.16 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $84.95 | $84.95 | $37.65 |
| Taxes, insurance & HOA | $558.00 | $558.00 | $558.00 |
| Total housing payment | $1,254.86 | $2,084.01 | $1,870.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,767
Closing costs & prepaids$11,038
Usable credit−$0
Total buyer cash needed$32,805
Earnest money paid−$0
Remaining funds due$32,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$252.00
Initial HOA (3 months)$972.00
Prepaid interest, first (7 days)$65.79
Prepaid interest, second (7 days)$173.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing13 yr 10 moOf the original 30-year loan at 4.56%
Interest already paid$74,021Through Dec 2026
Assumption only · ends Oct 2040$34,630
Assumption + second · ends Oct 2040, second Jan 2057$220,125
New conventional · ends Jan 2057$275,152