Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $140,889
- Funds due
- $150,950
- Interest + MI left
- $38,246
- First ends
- Jan 2040
Assumption
Assumption + second
$2,352/mo
+$866/mo- Down payment
- $22,889
- Funds due
- $34,251
- Interest + MI left
- $231,949
- First ends
- Jan 2040
New loan
New conventional
$2,111/mo
+$625/mo- Down payment
- $22,889
- Funds due
- $30,981
- Interest + MI left
- $306,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,111 | $84,111 | $202,111 |
| Second mortgage | — | $118,000 | — |
| First P&I | $717.08 | $717.08 | $1,399.38 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $97.37 | $97.37 | $40.42 |
| Taxes, insurance & HOA | $671.25 | $671.25 | $671.25 |
| Total housing payment | $1,485.70 | $2,351.54 | $2,111.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,889
Closing costs & prepaids$11,362
Usable credit−$0
Total buyer cash needed$34,251
Earnest money paid−$0
Remaining funds due$34,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$636.75
Initial HOA (3 months)$927.00
Prepaid interest, first (2 days)$21.89
Prepaid interest, second (2 days)$51.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing13 yr 2 moOf the original 30-year loan at 4.750%
Interest already paid$91,497Through Nov 2026
Assumption only · ends Jan 2040$38,246
Assumption + second · ends Jan 2040, second Dec 2056$231,949
New conventional · ends Dec 2056$306,475