Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$858/mo
Lowest payment- Down payment
- $155,370
- Funds due
- $164,599
- Interest + MI left
- $40,853
- First ends
- Dec 2047
Assumption
Assumption + second
$1,827/mo
+$969/mo- Down payment
- $23,370
- Funds due
- $33,906
- Interest + MI left
- $257,537
- First ends
- Dec 2047
New loan
New conventional
$1,833/mo
+$975/mo- Down payment
- $23,370
- Funds due
- $30,632
- Interest + MI left
- $305,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,630 | $69,630 | $201,630 |
| Second mortgage | — | $132,000 | — |
| First P&I | $400.81 | $400.81 | $1,396.05 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $60.86 | $60.86 | $40.33 |
| Taxes, insurance & HOA | $396.42 | $396.42 | $396.42 |
| Total housing payment | $858.08 | $1,826.65 | $1,832.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,370
Closing costs & prepaids$10,537
Usable credit−$0
Total buyer cash needed$33,906
Earnest money paid−$0
Remaining funds due$33,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$76.25
Initial HOA (3 months)$663.00
Prepaid interest, first (2 days)$14.54
Prepaid interest, second (2 days)$57.86
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 3.810%
Interest already paid$26,603Through Nov 2026
Assumption only · ends Dec 2047$40,853
Assumption + second · ends Dec 2047, second Dec 2056$257,537
New conventional · ends Dec 2056$305,705