Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,604/mo
Lowest payment- Down payment
- $131,988
- Funds due
- $142,495
- Interest + MI left
- $62,339
- First ends
- Oct 2044
Assumption
Assumption + second
$2,389/mo
+$785/mo- Down payment
- $24,988
- Funds due
- $36,886
- Interest + MI left
- $237,985
- First ends
- Oct 2044
New loan
New conventional
$2,280/mo
+$676/mo- Down payment
- $24,988
- Funds due
- $33,629
- Interest + MI left
- $326,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,012 | $116,012 | $223,012 |
| Second mortgage | — | $107,000 | — |
| First P&I | $767.53 | $767.53 | $1,510.76 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $111.98 | $111.98 | $44.60 |
| Taxes, insurance & HOA | $724.17 | $724.17 | $724.17 |
| Total housing payment | $1,603.67 | $2,388.80 | $2,279.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,988
Closing costs & prepaids$11,897
Usable credit−$0
Total buyer cash needed$36,886
Earnest money paid−$0
Remaining funds due$36,886
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,480.00
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)$297.50
Initial HOA (3 months)$1,425.00
Prepaid interest, first (6 days)$78.95
Prepaid interest, second (6 days)$140.71
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 closing17 yr 10 moOf the original 30-year loan at 4.14%
Interest already paid$69,987Through Dec 2026
Assumption only · ends Oct 2044$62,339
Assumption + second · ends Oct 2044, second Jan 2057$237,985
New conventional · ends Jan 2057$326,080