Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $150,446
- Funds due
- $160,269
- Interest + MI left
- $24,259
- First ends
- Jul 2037
Assumption
Assumption + second
$2,390/mo
+$925/mo- Down payment
- $24,446
- Funds due
- $35,768
- Interest + MI left
- $231,094
- First ends
- Jul 2037
New loan
New conventional
$2,028/mo
+$563/mo- Down payment
- $24,446
- Funds due
- $32,533
- Interest + MI left
- $315,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,554 | $89,554 | $215,554 |
| Second mortgage | — | $126,000 | — |
| First P&I | $836.39 | $836.39 | $1,460.24 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $103.99 | $103.99 | $43.11 |
| Taxes, insurance & HOA | $525.00 | $525.00 | $525.00 |
| Total housing payment | $1,465.38 | $2,389.92 | $2,028.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,446
Closing costs & prepaids$11,321
Usable credit−$0
Total buyer cash needed$35,768
Earnest money paid−$0
Remaining funds due$35,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$837.00
Prepaid interest, first (9 days)$72.87
Prepaid interest, second (9 days)$248.55
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 closing10 yr 7 moOf the original 20-year loan at 3.3%
Interest already paid$37,262Through Dec 2026
Assumption only · ends Jul 2037$24,259
Assumption + second · ends Jul 2037, second Jan 2057$231,094
New conventional · ends Jan 2057$315,132