Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,510/mo
Lowest payment- Down payment
- $105,740
- Funds due
- $115,813
- Interest + MI left
- $79,157
- First ends
- Sep 2047
Assumption
Assumption + second
$2,161/mo
+$652/mo- Down payment
- $24,740
- Funds due
- $36,183
- Interest + MI left
- $232,785
- First ends
- Sep 2047
New loan
New conventional
$2,105/mo
+$596/mo- Down payment
- $24,740
- Funds due
- $32,934
- Interest + MI left
- $314,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,260 | $134,260 | $215,260 |
| Second mortgage | — | $81,000 | — |
| First P&I | $787.31 | $787.31 | $1,458.25 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $118.24 | $118.24 | $43.05 |
| Taxes, insurance & HOA | $604.00 | $604.00 | $604.00 |
| Total housing payment | $1,509.54 | $2,161.29 | $2,105.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,740
Closing costs & prepaids$11,443
Usable credit−$0
Total buyer cash needed$36,183
Earnest money paid−$0
Remaining funds due$36,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$1,074.00
Prepaid interest, first (6 days)$86.07
Prepaid interest, second (6 days)$119.84
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 closing20 yr 9 moOf the original 30-year loan at 3.9%
Interest already paid$54,731Through Dec 2026
Assumption only · ends Sep 2047$79,157
Assumption + second · ends Sep 2047, second Jan 2057$232,785
New conventional · ends Jan 2057$314,703