Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,602/mo
Lowest payment- Down payment
- $95,031
- Funds due
- $104,946
- Interest + MI left
- $123,708
- First ends
- Jun 2049
Assumption
Assumption + second
$2,149/mo
+$547/mo- Down payment
- $27,031
- Funds due
- $38,296
- Interest + MI left
- $252,680
- First ends
- Jun 2049
New loan
New conventional
$2,133/mo
+$531/mo- Down payment
- $27,031
- Funds due
- $35,036
- Interest + MI left
- $355,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,969 | $174,969 | $242,969 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,019.10 | $1,019.10 | $1,645.96 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $144.66 | $144.66 | $48.59 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $1,601.76 | $2,148.91 | $2,132.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,031
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$38,296
Earnest money paid−$0
Remaining funds due$38,296
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$540.00
Prepaid interest, first (6 days)$125.69
Prepaid interest, second (6 days)$100.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 4.37%
Interest already paid$62,456Through Dec 2026
Assumption only · ends Jun 2049$123,708
Assumption + second · ends Jun 2049, second Jan 2057$252,680
New conventional · ends Jan 2057$355,261