Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$844/mo
Lowest payment- Down payment
- $167,333
- Funds due
- $176,805
- Interest + MI left
- $24,878
- First ends
- Aug 2045
Assumption
Assumption + second
$1,908/mo
+$1,064/mo- Down payment
- $22,333
- Funds due
- $33,341
- Interest + MI left
- $262,903
- First ends
- Aug 2045
New loan
New conventional
$1,845/mo
+$1,001/mo- Down payment
- $22,333
- Funds due
- $30,079
- Interest + MI left
- $281,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $47,657 | $47,657 | $192,657 |
| Second mortgage | — | $145,000 | — |
| First P&I | $297.38 | $297.38 | $1,305.13 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $45.21 | $45.21 | $38.53 |
| Taxes, insurance & HOA | $501.00 | $501.00 | $501.00 |
| Total housing payment | $843.59 | $1,907.55 | $1,844.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,333
Closing costs & prepaids$11,009
Usable credit−$0
Total buyer cash needed$33,341
Earnest money paid−$0
Remaining funds due$33,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.90
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)$258.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$44.65
Prepaid interest, second (9 days)$286.03
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 8 moOf the original 30-year loan at 3.8%
Interest already paid$24,279Through Dec 2026
Assumption only · ends Aug 2045$24,878
Assumption + second · ends Aug 2045, second Jan 2057$262,903
New conventional · ends Jan 2057$281,619