Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$997/mo
Lowest payment- Down payment
- $176,728
- Funds due
- $186,468
- Interest + MI left
- $20,059
- First ends
- Mar 2040
Assumption
Assumption + second
$2,127/mo
+$1,130/mo- Down payment
- $22,728
- Funds due
- $33,785
- Interest + MI left
- $272,858
- First ends
- Mar 2040
New loan
New conventional
$1,986/mo
+$989/mo- Down payment
- $22,728
- Funds due
- $30,508
- Interest + MI left
- $297,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,272 | $42,272 | $196,272 |
| Second mortgage | — | $154,000 | — |
| First P&I | $361.22 | $361.22 | $1,358.95 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $47.99 | $47.99 | $39.25 |
| Taxes, insurance & HOA | $587.67 | $587.67 | $587.67 |
| Total housing payment | $996.87 | $2,126.87 | $1,985.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,728
Closing costs & prepaids$11,057
Usable credit−$0
Total buyer cash needed$33,785
Earnest money paid−$0
Remaining funds due$33,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$173.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (2 days)$11.44
Prepaid interest, second (2 days)$67.51
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 closing13 yr 4 moOf the original 30-year loan at 4.940%
Interest already paid$46,765Through Nov 2026
Assumption only · ends Mar 2040$20,059
Assumption + second · ends Mar 2040, second Dec 2056$272,858
New conventional · ends Dec 2056$297,581