Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $112,551
- Funds due
- $122,824
- Interest + MI left
- $58,850
- First ends
- Aug 2046
Assumption
Assumption + second
$2,224/mo
+$724/mo- Down payment
- $22,551
- Funds due
- $34,185
- Interest + MI left
- $229,548
- First ends
- Aug 2046
New loan
New conventional
$2,142/mo
+$643/mo- Down payment
- $22,551
- Funds due
- $30,942
- Interest + MI left
- $295,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,349 | $112,349 | $202,349 |
| Second mortgage | — | $90,000 | — |
| First P&I | $664.99 | $664.99 | $1,370.78 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $103.60 | $103.60 | $40.47 |
| Taxes, insurance & HOA | $731.17 | $731.17 | $731.17 |
| Total housing payment | $1,499.76 | $2,223.92 | $2,142.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,551
Closing costs & prepaids$11,634
Usable credit−$0
Total buyer cash needed$34,185
Earnest money paid−$0
Remaining funds due$34,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.00
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)$573.50
Initial HOA (3 months)$1,170.00
Prepaid interest, first (5 days)$55.41
Prepaid interest, second (5 days)$110.96
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 8 moOf the original 30-year loan at 3.6%
Interest already paid$48,543Through Dec 2026
Assumption only · ends Aug 2046$58,850
Assumption + second · ends Aug 2046, second Jan 2057$229,548
New conventional · ends Jan 2057$295,868