Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,129/mo
Lowest payment- Down payment
- $172,624
- Funds due
- $182,447
- Interest + MI left
- $34,353
- First ends
- Aug 2042
Assumption
Assumption + second
$2,208/mo
+$1,079/mo- Down payment
- $25,624
- Funds due
- $36,890
- Interest + MI left
- $275,661
- First ends
- Aug 2042
New loan
New conventional
$2,065/mo
+$936/mo- Down payment
- $25,624
- Funds due
- $33,608
- Interest + MI left
- $328,030
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,376 | $77,376 | $224,376 |
| Second mortgage | — | $147,000 | — |
| First P&I | $546.03 | $546.03 | $1,520.00 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $83.21 | $83.21 | $44.88 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $1,129.24 | $2,207.88 | $2,064.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,624
Closing costs & prepaids$11,266
Usable credit−$0
Total buyer cash needed$36,890
Earnest money paid−$0
Remaining funds due$36,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$48.08
Prepaid interest, second (6 days)$193.32
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 closing15 yr 8 moOf the original 30-year loan at 3.78%
Interest already paid$53,822Through Dec 2026
Assumption only · ends Aug 2042$34,353
Assumption + second · ends Aug 2042, second Jan 2057$275,661
New conventional · ends Jan 2057$328,030