Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,066/mo
Lowest payment- Down payment
- $157,099
- Funds due
- $166,736
- Interest + MI left
- $47,045
- First ends
- Jan 2046
Assumption
Assumption + second
$2,035/mo
+$969/mo- Down payment
- $25,099
- Funds due
- $36,247
- Interest + MI left
- $263,730
- First ends
- Jan 2046
New loan
New conventional
$1,977/mo
+$910/mo- Down payment
- $25,099
- Funds due
- $32,991
- Interest + MI left
- $321,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,901 | $87,901 | $219,901 |
| Second mortgage | — | $132,000 | — |
| First P&I | $541.19 | $541.19 | $1,489.69 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $82.07 | $82.07 | $43.98 |
| Taxes, insurance & HOA | $443.00 | $443.00 | $443.00 |
| Total housing payment | $1,066.26 | $2,034.83 | $1,976.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,099
Closing costs & prepaids$11,147
Usable credit−$0
Total buyer cash needed$36,247
Earnest money paid−$0
Remaining funds due$36,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$82.80
Prepaid interest, second (9 days)$260.38
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 closing19 yr 1 moOf the original 30-year loan at 3.82%
Interest already paid$42,934Through Dec 2026
Assumption only · ends Jan 2046$47,045
Assumption + second · ends Jan 2046, second Jan 2057$263,730
New conventional · ends Jan 2057$321,488