Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,600/mo
Lowest payment- Down payment
- $140,880
- Funds due
- $151,348
- Interest + MI left
- $48,599
- First ends
- Aug 2042
Assumption
Assumption + second
$2,444/mo
+$844/mo- Down payment
- $25,880
- Funds due
- $37,724
- Interest + MI left
- $237,377
- First ends
- Aug 2042
New loan
New conventional
$2,275/mo
+$675/mo- Down payment
- $25,880
- Funds due
- $34,453
- Interest + MI left
- $327,465
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,020 | $109,020 | $224,020 |
| Second mortgage | — | $115,000 | — |
| First P&I | $770.43 | $770.43 | $1,517.59 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $117.12 | $117.12 | $44.80 |
| Taxes, insurance & HOA | $712.42 | $712.42 | $712.42 |
| Total housing payment | $1,599.96 | $2,443.79 | $2,274.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,880
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$37,724
Earnest money paid−$0
Remaining funds due$37,724
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)$637.25
Initial HOA (3 months)$1,050.00
Prepaid interest, first (5 days)$56.75
Prepaid interest, second (5 days)$126.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing15 yr 8 moOf the original 30-year loan at 3.8%
Interest already paid$76,191Through Dec 2026
Assumption only · ends Aug 2042$48,599
Assumption + second · ends Aug 2042, second Jan 2057$237,377
New conventional · ends Jan 2057$327,465