Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,009/mo
Lowest payment- Down payment
- $163,755
- Funds due
- $173,278
- Interest + MI left
- $42,229
- First ends
- Apr 2045
Assumption
Assumption + second
$2,022/mo
+$1,013/mo- Down payment
- $25,755
- Funds due
- $36,800
- Interest + MI left
- $268,764
- First ends
- Apr 2045
New loan
New conventional
$1,954/mo
+$945/mo- Down payment
- $25,755
- Funds due
- $33,541
- Interest + MI left
- $327,692
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,145 | $86,145 | $224,145 |
| Second mortgage | — | $138,000 | — |
| First P&I | $535.03 | $535.03 | $1,518.44 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $83.46 | $83.46 | $44.83 |
| Taxes, insurance & HOA | $391.00 | $391.00 | $391.00 |
| Total housing payment | $1,009.49 | $2,022.08 | $1,954.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,755
Closing costs & prepaids$11,045
Usable credit−$0
Total buyer cash needed$36,800
Earnest money paid−$0
Remaining funds due$36,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$76.26
Prepaid interest, second (9 days)$272.22
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 4 moOf the original 30-year loan at 3.59%
Interest already paid$43,223Through Dec 2026
Assumption only · ends Apr 2045$42,229
Assumption + second · ends Apr 2045, second Jan 2057$268,764
New conventional · ends Jan 2057$327,692