Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,321/mo
Lowest payment- Down payment
- $91,885
- Funds due
- $101,530
- Interest + MI left
- $50,125
- First ends
- Dec 2045
Assumption
Assumption + second
$1,908/mo
+$587/mo- Down payment
- $18,885
- Funds due
- $29,870
- Interest + MI left
- $188,580
- First ends
- Dec 2045
New loan
New conventional
$1,815/mo
+$494/mo- Down payment
- $18,885
- Funds due
- $26,655
- Interest + MI left
- $242,708
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,015 | $93,015 | $166,015 |
| Second mortgage | — | $73,000 | — |
| First P&I | $576.79 | $576.79 | $1,124.64 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $86.94 | $86.94 | $33.20 |
| Taxes, insurance & HOA | $657.17 | $657.17 | $657.17 |
| Total housing payment | $1,320.90 | $1,908.27 | $1,815.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,885
Closing costs & prepaids$10,985
Usable credit−$0
Total buyer cash needed$29,870
Earnest money paid−$0
Remaining funds due$29,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,849.00
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)$471.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (5 days)$49.31
Prepaid interest, second (5 days)$90.00
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 yrOf the original 30-year loan at 3.87%
Interest already paid$46,417Through Dec 2026
Assumption only · ends Dec 2045$50,125
Assumption + second · ends Dec 2045, second Jan 2057$188,580
New conventional · ends Jan 2057$242,708