Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,484/mo
Lowest payment- Down payment
- $133,146
- Funds due
- $143,289
- Interest + MI left
- $111,620
- First ends
- Nov 2049
Assumption
Assumption + second
$2,225/mo
+$741/mo- Down payment
- $32,146
- Funds due
- $43,738
- Interest + MI left
- $277,416
- First ends
- Nov 2049
New loan
New conventional
$2,342/mo
+$858/mo- Down payment
- $32,146
- Funds due
- $40,513
- Interest + MI left
- $420,744
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,754 | $186,754 | $287,754 |
| Second mortgage | — | $101,000 | — |
| First P&I | $993.34 | $993.34 | $1,949.35 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $155.72 | $155.72 | $57.55 |
| Taxes, insurance & HOA | $335.00 | $335.00 | $335.00 |
| Total housing payment | $1,484.07 | $2,225.17 | $2,341.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,146
Closing costs & prepaids$11,592
Usable credit−$0
Total buyer cash needed$43,738
Earnest money paid−$0
Remaining funds due$43,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$163.47
Prepaid interest, second (9 days)$199.23
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 closing22 yr 11 moOf the original 30-year loan at 3.55%
Interest already paid$51,344Through Dec 2026
Assumption only · ends Nov 2049$111,620
Assumption + second · ends Nov 2049, second Jan 2057$277,416
New conventional · ends Jan 2057$420,744