Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $83,203
- Funds due
- $92,971
- Interest + MI left
- $50,929
- First ends
- Sep 2045
Assumption
Assumption + second
$1,934/mo
+$507/mo- Down payment
- $20,203
- Funds due
- $31,329
- Interest + MI left
- $170,417
- First ends
- Sep 2045
New loan
New conventional
$1,877/mo
+$450/mo- Down payment
- $20,203
- Funds due
- $28,141
- Interest + MI left
- $255,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,797 | $111,797 | $174,797 |
| Second mortgage | — | $63,000 | — |
| First P&I | $660.84 | $660.84 | $1,184.14 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $108.38 | $108.38 | $34.96 |
| Taxes, insurance & HOA | $658.00 | $658.00 | $658.00 |
| Total housing payment | $1,427.21 | $1,934.13 | $1,877.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,203
Closing costs & prepaids$11,126
Usable credit−$0
Total buyer cash needed$31,329
Earnest money paid−$0
Remaining funds due$31,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$234.00
Initial HOA (3 months)$1,290.00
Prepaid interest, first (7 days)$68.40
Prepaid interest, second (7 days)$108.74
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 closing18 yr 9 moOf the original 30-year loan at 3.19%
Interest already paid$48,010Through Dec 2026
Assumption only · ends Sep 2045$50,929
Assumption + second · ends Sep 2045, second Jan 2057$170,417
New conventional · ends Jan 2057$255,512