Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $151,689
- Funds due
- $162,043
- Interest + MI left
- $48,117
- First ends
- Jul 2038
Assumption
Assumption + second
$2,699/mo
+$925/mo- Down payment
- $25,689
- Funds due
- $37,348
- Interest + MI left
- $254,953
- First ends
- Jul 2038
New loan
New conventional
$2,280/mo
+$506/mo- Down payment
- $25,689
- Funds due
- $34,045
- Interest + MI left
- $340,093
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,311 | $98,311 | $224,311 |
| Second mortgage | — | $126,000 | — |
| First P&I | $976.61 | $976.61 | $1,553.08 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $115.75 | $115.75 | $44.86 |
| Taxes, insurance & HOA | $682.17 | $682.17 | $682.17 |
| Total housing payment | $1,774.52 | $2,699.07 | $2,280.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,689
Closing costs & prepaids$11,659
Usable credit−$0
Total buyer cash needed$37,348
Earnest money paid−$0
Remaining funds due$37,348
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)$657.50
Initial HOA (3 months)$939.00
Prepaid interest, first (2 days)$32.16
Prepaid interest, second (2 days)$55.23
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 closing11 yr 8 moOf the original 30-year loan at 5.970%
Interest already paid$149,749Through Nov 2026
Assumption only · ends Jul 2038$48,117
Assumption + second · ends Jul 2038, second Dec 2056$254,953
New conventional · ends Dec 2056$340,093