Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,434/mo
Lowest payment- Down payment
- $150,290
- Funds due
- $160,605
- Interest + MI left
- $66,214
- First ends
- Jun 2046
Assumption
Assumption + second
$2,329/mo
+$895/mo- Down payment
- $28,290
- Funds due
- $40,015
- Interest + MI left
- $266,483
- First ends
- Jun 2046
New loan
New conventional
$2,288/mo
+$855/mo- Down payment
- $28,290
- Funds due
- $36,736
- Interest + MI left
- $359,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,710 | $123,710 | $245,710 |
| Second mortgage | — | $122,000 | — |
| First P&I | $744.83 | $744.83 | $1,664.53 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $114.20 | $114.20 | $49.14 |
| Taxes, insurance & HOA | $574.58 | $574.58 | $574.58 |
| Total housing payment | $1,433.61 | $2,328.81 | $2,288.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,290
Closing costs & prepaids$11,725
Usable credit−$0
Total buyer cash needed$40,015
Earnest money paid−$0
Remaining funds due$40,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,740.00
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)$328.75
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$75.85
Prepaid interest, second (6 days)$160.44
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 closing19 yr 6 moOf the original 30-year loan at 3.73%
Interest already paid$56,333Through Dec 2026
Assumption only · ends Jun 2046$66,214
Assumption + second · ends Jun 2046, second Jan 2057$266,483
New conventional · ends Jan 2057$359,170