Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,682/mo
Lowest payment- Down payment
- $145,419
- Funds due
- $156,344
- Interest + MI left
- $68,711
- First ends
- Feb 2046
Assumption
Assumption + second
$2,548/mo
+$866/mo- Down payment
- $27,419
- Funds due
- $39,724
- Interest + MI left
- $262,414
- First ends
- Feb 2046
New loan
New conventional
$2,486/mo
+$804/mo- Down payment
- $27,419
- Funds due
- $36,442
- Interest + MI left
- $354,645
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,581 | $124,581 | $242,581 |
| Second mortgage | — | $118,000 | — |
| First P&I | $772.53 | $772.53 | $1,643.33 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $115.45 | $115.45 | $48.52 |
| Taxes, insurance & HOA | $794.50 | $794.50 | $794.50 |
| Total housing payment | $1,682.48 | $2,548.32 | $2,486.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,419
Closing costs & prepaids$12,305
Usable credit−$0
Total buyer cash needed$39,724
Earnest money paid−$0
Remaining funds due$39,724
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$688.50
Initial HOA (3 months)$1,245.00
Prepaid interest, first (5 days)$67.24
Prepaid interest, second (5 days)$129.32
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 closing19 yr 2 moOf the original 30-year loan at 3.94%
Interest already paid$62,017Through Dec 2026
Assumption only · ends Feb 2046$68,711
Assumption + second · ends Feb 2046, second Jan 2057$262,414
New conventional · ends Jan 2057$354,645