Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $143,296
- Funds due
- $153,560
- Interest + MI left
- $85,168
- First ends
- Dec 2047
Assumption
Assumption + second
$2,293/mo
+$836/mo- Down payment
- $29,296
- Funds due
- $41,035
- Interest + MI left
- $272,305
- First ends
- Dec 2047
New loan
New conventional
$2,302/mo
+$845/mo- Down payment
- $29,296
- Funds due
- $37,792
- Interest + MI left
- $381,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,704 | $146,704 | $260,704 |
| Second mortgage | — | $114,000 | — |
| First P&I | $844.34 | $844.34 | $1,766.10 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $128.67 | $128.67 | $52.14 |
| Taxes, insurance & HOA | $484.00 | $484.00 | $484.00 |
| Total housing payment | $1,457.01 | $2,293.50 | $2,302.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,296
Closing costs & prepaids$11,739
Usable credit−$0
Total buyer cash needed$41,035
Earnest money paid−$0
Remaining funds due$41,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$654.00
Prepaid interest, first (9 days)$136.74
Prepaid interest, second (9 days)$224.88
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 closing21 yrOf the original 30-year loan at 3.78%
Interest already paid$56,244Through Dec 2026
Assumption only · ends Dec 2047$85,168
Assumption + second · ends Dec 2047, second Jan 2057$272,305
New conventional · ends Jan 2057$381,192