Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,112/mo
Lowest payment- Down payment
- $177,050
- Funds due
- $186,779
- Interest + MI left
- $56,842
- First ends
- Aug 2045
Assumption
Assumption + second
$2,198/mo
+$1,086/mo- Down payment
- $29,050
- Funds due
- $40,321
- Interest + MI left
- $299,792
- First ends
- Aug 2045
New loan
New conventional
$2,119/mo
+$1,007/mo- Down payment
- $29,050
- Funds due
- $37,040
- Interest + MI left
- $374,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,950 | $107,950 | $255,950 |
| Second mortgage | — | $148,000 | — |
| First P&I | $675.84 | $675.84 | $1,733.89 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $102.24 | $102.24 | $51.19 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $1,112.08 | $2,198.05 | $2,119.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,050
Closing costs & prepaids$11,271
Usable credit−$0
Total buyer cash needed$40,321
Earnest money paid−$0
Remaining funds due$40,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$102.21
Prepaid interest, second (9 days)$291.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yr 8 moOf the original 30-year loan at 3.84%
Interest already paid$55,527Through Dec 2026
Assumption only · ends Aug 2045$56,842
Assumption + second · ends Aug 2045, second Jan 2057$299,792
New conventional · ends Jan 2057$374,190