Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $175,915
- Funds due
- $185,773
- Interest + MI left
- $19,856
- First ends
- Mar 2040
Assumption
Assumption + second
$2,156/mo
+$1,130/mo- Down payment
- $21,915
- Funds due
- $33,327
- Interest + MI left
- $272,656
- First ends
- Mar 2040
New loan
New conventional
$1,985/mo
+$958/mo- Down payment
- $21,915
- Funds due
- $30,050
- Interest + MI left
- $286,709
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,085 | $42,085 | $196,085 |
| Second mortgage | — | $154,000 | — |
| First P&I | $361.22 | $361.22 | $1,328.35 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $47.99 | $47.99 | $39.22 |
| Taxes, insurance & HOA | $617.17 | $617.17 | $617.17 |
| Total housing payment | $1,026.37 | $2,156.37 | $1,984.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,915
Closing costs & prepaids$11,412
Usable credit−$0
Total buyer cash needed$33,327
Earnest money paid−$0
Remaining funds due$33,327
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,180.00
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)$261.50
Initial HOA (3 months)$1,140.00
Prepaid interest, first (9 days)$51.26
Prepaid interest, second (9 days)$303.78
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 closing13 yr 3 moOf the original 30-year loan at 4.94%
Interest already paid$46,939Through Dec 2026
Assumption only · ends Mar 2040$19,856
Assumption + second · ends Mar 2040, second Jan 2057$272,656
New conventional · ends Jan 2057$286,709