Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,093/mo
Lowest payment- Down payment
- $113,601
- Funds due
- $122,978
- Interest + MI left
- $51,773
- First ends
- Jun 2047
Assumption
Assumption + second
$1,849/mo
+$756/mo- Down payment
- $19,601
- Funds due
- $30,437
- Interest + MI left
- $230,057
- First ends
- Jun 2047
New loan
New conventional
$1,749/mo
+$656/mo- Down payment
- $19,601
- Funds due
- $27,208
- Interest + MI left
- $257,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,399 | $82,399 | $176,399 |
| Second mortgage | — | $94,000 | — |
| First P&I | $502.35 | $502.35 | $1,194.99 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $72.33 | $72.33 | $35.28 |
| Taxes, insurance & HOA | $518.42 | $518.42 | $518.42 |
| Total housing payment | $1,093.10 | $1,849.44 | $1,748.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,601
Closing costs & prepaids$10,835
Usable credit−$0
Total buyer cash needed$30,437
Earnest money paid−$0
Remaining funds due$30,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,960.00
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)$235.25
Initial HOA (3 months)$870.00
Prepaid interest, first (9 days)$86.35
Prepaid interest, second (9 days)$208.60
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 closing20 yr 6 moOf the original 30-year loan at 4.25%
Interest already paid$37,550Through Dec 2026
Assumption only · ends Jun 2047$51,773
Assumption + second · ends Jun 2047, second Jan 2057$230,057
New conventional · ends Jan 2057$257,925