Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,378/mo
Lowest payment- Down payment
- $96,867
- Funds due
- $106,358
- Interest + MI left
- $37,571
- First ends
- Dec 2040
Assumption
Assumption + second
$2,006/mo
+$628/mo- Down payment
- $18,867
- Funds due
- $29,723
- Interest + MI left
- $185,509
- First ends
- Dec 2040
New loan
New conventional
$1,745/mo
+$367/mo- Down payment
- $18,867
- Funds due
- $26,500
- Interest + MI left
- $236,495
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,787 | $83,787 | $161,787 |
| Second mortgage | — | $78,000 | — |
| First P&I | $666.79 | $666.79 | $1,096.00 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $94.88 | $94.88 | $32.36 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $1,377.92 | $2,005.52 | $1,744.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,867
Closing costs & prepaids$10,856
Usable credit−$0
Total buyer cash needed$29,723
Earnest money paid−$0
Remaining funds due$29,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,806.54
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)$216.75
Initial HOA (3 months)$1,182.00
Prepaid interest, first (6 days)$59.91
Prepaid interest, second (6 days)$115.40
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 closing14 yrOf the original 30-year loan at 4.35%
Interest already paid$77,866Through Dec 2026
Assumption only · ends Dec 2040$37,571
Assumption + second · ends Dec 2040, second Jan 2057$185,509
New conventional · ends Jan 2057$236,495