Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $71,957
- Funds due
- $81,778
- Interest + MI left
- $46,248
- First ends
- Sep 2039
Assumption
Assumption + second
$2,171/mo
+$443/mo- Down payment
- $16,957
- Funds due
- $28,096
- Interest + MI left
- $150,564
- First ends
- Sep 2039
New loan
New conventional
$1,808/mo
+$79/mo- Down payment
- $16,957
- Funds due
- $24,884
- Interest + MI left
- $216,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,043 | $93,043 | $148,043 |
| Second mortgage | — | $55,000 | — |
| First P&I | $847.40 | $847.40 | $1,002.89 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $105.72 | $105.72 | $29.61 |
| Taxes, insurance & HOA | $775.25 | $775.25 | $775.25 |
| Total housing payment | $1,728.37 | $2,170.91 | $1,807.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,957
Closing costs & prepaids$11,139
Usable credit−$0
Total buyer cash needed$28,096
Earnest money paid−$0
Remaining funds due$28,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$420.75
Initial HOA (3 months)$1,455.00
Prepaid interest, first (5 days)$70.10
Prepaid interest, second (5 days)$67.81
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 closing12 yr 9 moOf the original 30-year loan at 5.5%
Interest already paid$119,209Through Dec 2026
Assumption only · ends Sep 2039$46,248
Assumption + second · ends Sep 2039, second Jan 2057$150,564
New conventional · ends Jan 2057$216,434