Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,286/mo
Lowest payment- Down payment
- $133,914
- Funds due
- $144,175
- Interest + MI left
- $25,386
- First ends
- Jun 2042
Assumption
Assumption + second
$2,130/mo
+$844/mo- Down payment
- $18,914
- Funds due
- $30,576
- Interest + MI left
- $214,164
- First ends
- Jun 2042
New loan
New conventional
$2,006/mo
+$720/mo- Down payment
- $18,914
- Funds due
- $27,338
- Interest + MI left
- $235,292
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,986 | $45,986 | $160,986 |
| Second mortgage | — | $115,000 | — |
| First P&I | $355.78 | $355.78 | $1,090.58 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $46.95 | $46.95 | $32.20 |
| Taxes, insurance & HOA | $883.00 | $883.00 | $883.00 |
| Total housing payment | $1,285.73 | $2,129.56 | $2,005.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,914
Closing costs & prepaids$11,662
Usable credit−$0
Total buyer cash needed$30,576
Earnest money paid−$0
Remaining funds due$30,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$216.00
Initial HOA (3 months)$1,983.00
Prepaid interest, first (6 days)$37.80
Prepaid interest, second (6 days)$151.23
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 closing15 yr 6 moOf the original 30-year loan at 5%
Interest already paid$41,617Through Dec 2026
Assumption only · ends Jun 2042$25,386
Assumption + second · ends Jun 2042, second Jan 2057$214,164
New conventional · ends Jan 2057$235,292