Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$973/mo
Lowest payment- Down payment
- $150,927
- Funds due
- $160,479
- Interest + MI left
- $21,140
- First ends
- Oct 2042
Assumption
Assumption + second
$1,927/mo
+$954/mo- Down payment
- $20,927
- Funds due
- $31,929
- Interest + MI left
- $234,542
- First ends
- Oct 2042
New loan
New conventional
$1,830/mo
+$857/mo- Down payment
- $20,927
- Funds due
- $28,682
- Interest + MI left
- $261,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,073 | $49,073 | $179,073 |
| Second mortgage | — | $130,000 | — |
| First P&I | $338.97 | $338.97 | $1,213.10 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $52.88 | $52.88 | $35.81 |
| Taxes, insurance & HOA | $581.00 | $581.00 | $581.00 |
| Total housing payment | $972.85 | $1,926.74 | $1,829.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,927
Closing costs & prepaids$11,001
Usable credit−$0
Total buyer cash needed$31,929
Earnest money paid−$0
Remaining funds due$31,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Initial HOA (3 months)$1,053.00
Prepaid interest, first (7 days)$33.79
Prepaid interest, second (7 days)$199.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing15 yr 10 moOf the original 30-year loan at 3.59%
Interest already paid$32,048Through Dec 2026
Assumption only · ends Oct 2042$21,140
Assumption + second · ends Oct 2042, second Jan 2057$234,542
New conventional · ends Jan 2057$261,763