Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $111,357
- Funds due
- $122,409
- Interest + MI left
- $134,028
- First ends
- Jun 2049
Assumption
Assumption + second
$2,618/mo
+$644/mo- Down payment
- $31,357
- Funds due
- $43,777
- Interest + MI left
- $285,759
- First ends
- Jun 2049
New loan
New conventional
$2,605/mo
+$631/mo- Down payment
- $31,357
- Funds due
- $40,482
- Interest + MI left
- $400,057
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,643 | $193,643 | $273,643 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,117.24 | $1,117.24 | $1,853.75 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $160.49 | $160.49 | $54.73 |
| Taxes, insurance & HOA | $697.00 | $697.00 | $697.00 |
| Total housing payment | $1,974.72 | $2,618.42 | $2,605.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,357
Closing costs & prepaids$12,420
Usable credit−$0
Total buyer cash needed$43,777
Earnest money paid−$0
Remaining funds due$43,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$135.92
Prepaid interest, second (6 days)$118.36
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 4.27%
Interest already paid$67,625Through Dec 2026
Assumption only · ends Jun 2049$134,028
Assumption + second · ends Jun 2049, second Jan 2057$285,759
New conventional · ends Jan 2057$400,057