Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,423/mo
Lowest payment- Down payment
- $81,674
- Funds due
- $91,550
- Interest + MI left
- $61,356
- First ends
- Dec 2047
Assumption
Assumption + second
$1,930/mo
+$507/mo- Down payment
- $18,674
- Funds due
- $29,878
- Interest + MI left
- $180,844
- First ends
- Dec 2047
New loan
New conventional
$1,892/mo
+$470/mo- Down payment
- $18,674
- Funds due
- $26,673
- Interest + MI left
- $243,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,326 | $103,326 | $166,326 |
| Second mortgage | — | $63,000 | — |
| First P&I | $600.13 | $600.13 | $1,126.75 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $90.35 | $90.35 | $33.27 |
| Taxes, insurance & HOA | $732.25 | $732.25 | $732.25 |
| Total housing payment | $1,422.73 | $1,929.64 | $1,892.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,674
Closing costs & prepaids$11,204
Usable credit−$0
Total buyer cash needed$29,878
Earnest money paid−$0
Remaining funds due$29,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$471.75
Initial HOA (3 months)$1,275.00
Prepaid interest, first (5 days)$54.92
Prepaid interest, second (5 days)$77.67
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 closing21 yrOf the original 30-year loan at 3.88%
Interest already paid$40,595Through Dec 2026
Assumption only · ends Dec 2047$61,356
Assumption + second · ends Dec 2047, second Jan 2057$180,844
New conventional · ends Jan 2057$243,196