Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,777/mo
Lowest payment- Down payment
- $116,092
- Funds due
- $126,901
- Interest + MI left
- $71,422
- First ends
- Mar 2046
Assumption
Assumption + second
$2,509/mo
+$732/mo- Down payment
- $25,092
- Funds due
- $37,174
- Interest + MI left
- $244,016
- First ends
- Mar 2046
New loan
New conventional
$2,442/mo
+$666/mo- Down payment
- $25,092
- Funds due
- $33,882
- Interest + MI left
- $341,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,908 | $133,908 | $224,908 |
| Second mortgage | — | $91,000 | — |
| First P&I | $812.35 | $812.35 | $1,557.22 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $124.25 | $124.25 | $44.98 |
| Taxes, insurance & HOA | $840.17 | $840.17 | $840.17 |
| Total housing payment | $1,776.76 | $2,508.97 | $2,442.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,092
Closing costs & prepaids$12,082
Usable credit−$0
Total buyer cash needed$37,174
Earnest money paid−$0
Remaining funds due$37,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$606.50
Initial HOA (3 months)$1,464.00
Prepaid interest, first (1 days)$13.76
Prepaid interest, second (1 days)$22.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.750%
Interest already paid$62,479Through Nov 2026
Assumption only · ends Mar 2046$71,422
Assumption + second · ends Mar 2046, second Dec 2056$244,016
New conventional · ends Dec 2056$341,088