Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,675/mo
+$101/mo- Down payment
- $122,854
- Funds due
- $133,691
- Interest + MI left
- $70,865
- First ends
- Mar 2038
Assumption
Assumption + second
$3,400/mo
+$825/mo- Down payment
- $32,854
- Funds due
- $45,141
- Interest + MI left
- $241,562
- First ends
- Mar 2038
New loan
New conventional
$2,575/mo
Lowest payment- Down payment
- $32,854
- Funds due
- $41,880
- Interest + MI left
- $427,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,146 | $202,146 | $292,146 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,861.92 | $1,861.92 | $1,979.10 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $276.25 | $276.25 | $58.43 |
| Taxes, insurance & HOA | $537.33 | $537.33 | $537.33 |
| Total housing payment | $2,675.50 | $3,399.66 | $2,574.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,854
Closing costs & prepaids$12,286
Usable credit−$0
Total buyer cash needed$45,141
Earnest money paid−$0
Remaining funds due$45,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$771.99
Prepaid interest, first (9 days)$199.38
Prepaid interest, second (9 days)$199.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing11 yr 3 moOf the original 30-year loan at 4%
Interest already paid$231,077Through Dec 2026
Assumption only · ends Mar 2038$70,865
Assumption + second · ends Mar 2038, second Jan 2057$241,562
New conventional · ends Jan 2057$427,166