Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,526/mo
Lowest payment- Down payment
- $86,610
- Funds due
- $96,861
- Interest + MI left
- $62,353
- First ends
- Feb 2048
Assumption
Assumption + second
$2,065/mo
+$539/mo- Down payment
- $19,610
- Funds due
- $31,210
- Interest + MI left
- $189,428
- First ends
- Feb 2048
New loan
New conventional
$2,025/mo
+$499/mo- Down payment
- $19,610
- Funds due
- $28,000
- Interest + MI left
- $248,924
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,290 | $103,290 | $170,290 |
| Second mortgage | — | $67,000 | — |
| First P&I | $599.06 | $599.06 | $1,153.60 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $89.75 | $89.75 | $34.06 |
| Taxes, insurance & HOA | $837.00 | $837.00 | $837.00 |
| Total housing payment | $1,525.80 | $2,064.90 | $2,024.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,610
Closing costs & prepaids$11,601
Usable credit−$0
Total buyer cash needed$31,210
Earnest money paid−$0
Remaining funds due$31,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$228.00
Initial HOA (3 months)$1,833.00
Prepaid interest, first (6 days)$66.56
Prepaid interest, second (6 days)$99.12
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 closing21 yr 2 moOf the original 30-year loan at 3.92%
Interest already paid$40,090Through Dec 2026
Assumption only · ends Feb 2048$62,353
Assumption + second · ends Feb 2048, second Jan 2057$189,428
New conventional · ends Jan 2057$248,924