Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$948/mo
Lowest payment- Down payment
- $107,603
- Funds due
- $116,281
- Interest + MI left
- $50,500
- First ends
- Oct 2045
Assumption
Assumption + second
$1,648/mo
+$700/mo- Down payment
- $20,603
- Funds due
- $30,660
- Interest + MI left
- $215,508
- First ends
- Oct 2045
New loan
New conventional
$1,531/mo
+$583/mo- Down payment
- $20,603
- Funds due
- $27,426
- Interest + MI left
- $262,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,297 | $92,297 | $179,297 |
| Second mortgage | — | $87,000 | — |
| First P&I | $581.04 | $581.04 | $1,214.62 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $86.42 | $86.42 | $35.86 |
| Taxes, insurance & HOA | $281.00 | $281.00 | $281.00 |
| Total housing payment | $948.46 | $1,648.48 | $1,531.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,603
Closing costs & prepaids$10,056
Usable credit−$0
Total buyer cash needed$30,660
Earnest money paid−$0
Remaining funds due$30,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$240.00
Initial HOA (3 months)$153.00
Prepaid interest, first (6 days)$60.38
Prepaid interest, second (6 days)$128.71
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 closing18 yr 10 moOf the original 30-year loan at 3.98%
Interest already paid$48,156Through Dec 2026
Assumption only · ends Oct 2045$50,500
Assumption + second · ends Oct 2045, second Jan 2057$215,508
New conventional · ends Jan 2057$262,126