Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$512/mo
Lowest payment- Down payment
- $108,069
- Funds due
- $116,108
- Interest + MI left
- $25,412
- First ends
- Jun 2048
Assumption
Assumption + second
$1,260/mo
+$748/mo- Down payment
- $15,069
- Funds due
- $24,565
- Interest + MI left
- $201,800
- First ends
- Jun 2048
New loan
New conventional
$1,164/mo
+$652/mo- Down payment
- $15,069
- Funds due
- $21,347
- Interest + MI left
- $189,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,931 | $36,931 | $129,931 |
| Second mortgage | — | $93,000 | — |
| First P&I | $222.82 | $222.82 | $880.20 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $31.30 | $31.30 | $25.99 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $512.12 | $1,260.42 | $1,164.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,069
Closing costs & prepaids$9,496
Usable credit−$0
Total buyer cash needed$24,565
Earnest money paid−$0
Remaining funds due$24,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,450.00
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)$174.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$40.61
Prepaid interest, second (9 days)$206.38
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 closing21 yr 6 moOf the original 30-year loan at 4.46%
Interest already paid$15,475Through Dec 2026
Assumption only · ends Jun 2048$25,412
Assumption + second · ends Jun 2048, second Jan 2057$201,800
New conventional · ends Jan 2057$189,929