Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,133/mo
Lowest payment- Down payment
- $116,626
- Funds due
- $126,273
- Interest + MI left
- $18,193
- First ends
- May 2040
Assumption
Assumption + second
$1,874/mo
+$741/mo- Down payment
- $15,626
- Funds due
- $26,656
- Interest + MI left
- $183,990
- First ends
- May 2040
New loan
New conventional
$1,736/mo
+$603/mo- Down payment
- $15,626
- Funds due
- $23,451
- Interest + MI left
- $203,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,374 | $38,374 | $139,374 |
| Second mortgage | — | $101,000 | — |
| First P&I | $325.69 | $325.69 | $944.17 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $43.47 | $43.47 | $27.87 |
| Taxes, insurance & HOA | $764.00 | $764.00 | $764.00 |
| Total housing payment | $1,133.16 | $1,874.26 | $1,736.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,626
Closing costs & prepaids$11,031
Usable credit−$0
Total buyer cash needed$26,656
Earnest money paid−$0
Remaining funds due$26,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,550.00
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)$186.00
Initial HOA (3 months)$1,656.00
Prepaid interest, first (6 days)$30.91
Prepaid interest, second (6 days)$132.82
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 closing13 yr 5 moOf the original 30-year loan at 4.9%
Interest already paid$41,820Through Dec 2026
Assumption only · ends May 2040$18,193
Assumption + second · ends May 2040, second Jan 2057$183,990
New conventional · ends Jan 2057$203,788