Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,498/mo
Lowest payment- Down payment
- $118,081
- Funds due
- $128,045
- Interest + MI left
- $75,550
- First ends
- Sep 2045
Assumption
Assumption + second
$2,238/mo
+$740/mo- Down payment
- $26,081
- Funds due
- $37,499
- Interest + MI left
- $250,041
- First ends
- Sep 2045
New loan
New conventional
$2,098/mo
+$599/mo- Down payment
- $26,081
- Funds due
- $34,253
- Interest + MI left
- $334,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,918 | $136,918 | $228,918 |
| Second mortgage | — | $92,000 | — |
| First P&I | $868.80 | $868.80 | $1,550.77 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $128.28 | $128.28 | $45.78 |
| Taxes, insurance & HOA | $501.00 | $501.00 | $501.00 |
| Total housing payment | $1,498.09 | $2,238.34 | $2,097.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,081
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$37,499
Earnest money paid−$0
Remaining funds due$37,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.99
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)$306.00
Initial HOA (3 months)$747.00
Prepaid interest, first (9 days)$136.39
Prepaid interest, second (9 days)$204.16
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 closing18 yr 9 moOf the original 30-year loan at 4.04%
Interest already paid$73,102Through Dec 2026
Assumption only · ends Sep 2045$75,550
Assumption + second · ends Sep 2045, second Jan 2057$250,041
New conventional · ends Jan 2057$334,670