Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,124/mo
Lowest payment- Down payment
- $87,215
- Funds due
- $96,560
- Interest + MI left
- $34,054
- First ends
- Feb 2046
Assumption
Assumption + second
$1,703/mo
+$579/mo- Down payment
- $15,215
- Funds due
- $25,899
- Interest + MI left
- $170,612
- First ends
- Feb 2046
New loan
New conventional
$1,619/mo
+$495/mo- Down payment
- $15,215
- Funds due
- $22,708
- Interest + MI left
- $196,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,685 | $62,685 | $134,685 |
| Second mortgage | — | $72,000 | — |
| First P&I | $386.43 | $386.43 | $912.40 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $58.24 | $58.24 | $26.94 |
| Taxes, insurance & HOA | $679.42 | $679.42 | $679.42 |
| Total housing payment | $1,124.09 | $1,703.42 | $1,618.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,215
Closing costs & prepaids$10,684
Usable credit−$0
Total buyer cash needed$25,899
Earnest money paid−$0
Remaining funds due$25,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$382.25
Initial HOA (3 months)$1,206.00
Prepaid interest, first (5 days)$33.23
Prepaid interest, second (5 days)$88.77
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 3.87%
Interest already paid$30,694Through Dec 2026
Assumption only · ends Feb 2046$34,054
Assumption + second · ends Feb 2046, second Jan 2057$170,612
New conventional · ends Jan 2057$196,905