Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,388/mo
Lowest payment- Down payment
- $142,915
- Funds due
- $152,866
- Interest + MI left
- $85,709
- First ends
- Dec 2047
Assumption
Assumption + second
$2,217/mo
+$829/mo- Down payment
- $29,915
- Funds due
- $41,165
- Interest + MI left
- $271,204
- First ends
- Dec 2047
New loan
New conventional
$2,268/mo
+$880/mo- Down payment
- $29,915
- Funds due
- $37,842
- Interest + MI left
- $394,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,085 | $147,085 | $260,085 |
| Second mortgage | — | $113,000 | — |
| First P&I | $844.34 | $844.34 | $1,800.78 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $128.67 | $128.67 | $52.02 |
| Taxes, insurance & HOA | $415.08 | $415.08 | $415.08 |
| Total housing payment | $1,388.09 | $2,217.25 | $2,267.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,915
Closing costs & prepaids$11,250
Usable credit−$0
Total buyer cash needed$41,165
Earnest money paid−$0
Remaining funds due$41,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$141.25
Initial HOA (3 months)$654.00
Prepaid interest, first (2 days)$30.46
Prepaid interest, second (2 days)$49.53
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 closing21 yr 1 moOf the original 30-year loan at 3.780%
Interest already paid$55,780Through Nov 2026
Assumption only · ends Dec 2047$85,709
Assumption + second · ends Dec 2047, second Dec 2056$271,204
New conventional · ends Dec 2056$394,332