Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $123,067
- Funds due
- $133,036
- Interest + MI left
- $40,525
- First ends
- Dec 2044
Assumption
Assumption + second
$2,057/mo
+$748/mo- Down payment
- $21,067
- Funds due
- $32,398
- Interest + MI left
- $207,963
- First ends
- Dec 2044
New loan
New conventional
$1,998/mo
+$690/mo- Down payment
- $21,067
- Funds due
- $29,169
- Interest + MI left
- $274,789
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,933 | $85,933 | $187,933 |
| Second mortgage | — | $102,000 | — |
| First P&I | $536.36 | $536.36 | $1,273.12 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $84.71 | $84.71 | $37.59 |
| Taxes, insurance & HOA | $687.67 | $687.67 | $687.67 |
| Total housing payment | $1,308.74 | $2,057.18 | $1,998.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,067
Closing costs & prepaids$11,331
Usable credit−$0
Total buyer cash needed$32,398
Earnest money paid−$0
Remaining funds due$32,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,090.00
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)$533.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (5 days)$41.08
Prepaid interest, second (5 days)$111.78
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 closing18 yrOf the original 30-year loan at 3.49%
Interest already paid$43,576Through Dec 2026
Assumption only · ends Dec 2044$40,525
Assumption + second · ends Dec 2044, second Jan 2057$207,963
New conventional · ends Jan 2057$274,789