Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,401/mo
Lowest payment- Down payment
- $173,045
- Funds due
- $183,631
- Interest + MI left
- $50,434
- First ends
- Jan 2045
Assumption
Assumption + second
$2,472/mo
+$1,071/mo- Down payment
- $27,045
- Funds due
- $39,073
- Interest + MI left
- $290,100
- First ends
- Jan 2045
New loan
New conventional
$2,377/mo
+$976/mo- Down payment
- $27,045
- Funds due
- $35,785
- Interest + MI left
- $355,240
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,955 | $96,955 | $242,955 |
| Second mortgage | — | $146,000 | — |
| First P&I | $624.41 | $624.41 | $1,645.86 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $93.54 | $93.54 | $48.59 |
| Taxes, insurance & HOA | $683.00 | $683.00 | $683.00 |
| Total housing payment | $1,400.96 | $2,472.25 | $2,377.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,045
Closing costs & prepaids$12,028
Usable credit−$0
Total buyer cash needed$39,073
Earnest money paid−$0
Remaining funds due$39,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$62.48
Prepaid interest, second (6 days)$192.00
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 1 moOf the original 30-year loan at 3.92%
Interest already paid$54,183Through Dec 2026
Assumption only · ends Jan 2045$50,434
Assumption + second · ends Jan 2045, second Jan 2057$290,100
New conventional · ends Jan 2057$355,240