Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,629/mo
Lowest payment- Down payment
- $149,114
- Funds due
- $159,654
- Interest + MI left
- $127,226
- First ends
- Jul 2049
Assumption
Assumption + second
$2,473/mo
+$844/mo- Down payment
- $34,114
- Funds due
- $46,131
- Interest + MI left
- $316,005
- First ends
- Jul 2049
New loan
New conventional
$2,524/mo
+$896/mo- Down payment
- $34,114
- Funds due
- $42,862
- Interest + MI left
- $447,256
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,886 | $190,886 | $305,886 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,079.14 | $1,079.14 | $2,072.18 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $158.57 | $158.57 | $61.18 |
| Taxes, insurance & HOA | $391.00 | $391.00 | $391.00 |
| Total housing payment | $1,628.72 | $2,472.54 | $2,524.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,114
Closing costs & prepaids$12,017
Usable credit−$0
Total buyer cash needed$46,131
Earnest money paid−$0
Remaining funds due$46,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$192.04
Prepaid interest, second (9 days)$226.85
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 7 moOf the original 30-year loan at 4.08%
Interest already paid$63,060Through Dec 2026
Assumption only · ends Jul 2049$127,226
Assumption + second · ends Jul 2049, second Jan 2057$316,005
New conventional · ends Jan 2057$447,256