Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $40,737
- Funds due
- $50,351
- Interest + MI left
- $106,742
- First ends
- Aug 2049
Assumption
Assumption + second
$1,922/mo
+$306/mo- Down payment
- $10,737
- Funds due
- $21,659
- Interest + MI left
- $186,794
- First ends
- Aug 2049
New loan
New conventional
$1,934/mo
+$318/mo- Down payment
- $10,737
- Funds due
- $18,572
- Interest + MI left
- $292,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,263 | $169,263 | $199,263 |
| Second mortgage | — | $30,000 | — |
| First P&I | $931.03 | $931.03 | $1,349.88 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $141.19 | $141.19 | $39.85 |
| Taxes, insurance & HOA | $544.00 | $544.00 | $544.00 |
| Total housing payment | $1,616.22 | $1,921.92 | $1,933.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,737
Closing costs & prepaids$10,922
Usable credit−$0
Total buyer cash needed$21,659
Earnest money paid−$0
Remaining funds due$21,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$252.00
Initial HOA (3 months)$930.00
Prepaid interest, first (6 days)$106.29
Prepaid interest, second (6 days)$58.56
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 8 moOf the original 30-year loan at 3.82%
Interest already paid$51,870Through Dec 2026
Assumption only · ends Aug 2049$106,742
Assumption + second · ends Aug 2049, second Jan 2057$186,794
New conventional · ends Jan 2057$292,392