Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $46,485
- Funds due
- $56,121
- Interest + MI left
- $75,991
- First ends
- Jul 2049
Assumption
Assumption + second
$1,706/mo
+$241/mo- Down payment
- $16,485
- Funds due
- $27,415
- Interest + MI left
- $132,890
- First ends
- Jul 2049
New loan
New conventional
$1,726/mo
+$261/mo- Down payment
- $16,485
- Funds due
- $24,248
- Interest + MI left
- $208,323
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,515 | $112,515 | $142,515 |
| Second mortgage | — | $30,000 | — |
| First P&I | $639.75 | $639.75 | $965.45 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $93.33 | $93.33 | $28.50 |
| Taxes, insurance & HOA | $731.58 | $731.58 | $731.58 |
| Total housing payment | $1,464.67 | $1,706.06 | $1,725.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,485
Closing costs & prepaids$10,931
Usable credit−$0
Total buyer cash needed$27,415
Earnest money paid−$0
Remaining funds due$27,415
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,590.00
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)$190.75
Initial HOA (3 months)$1,554.00
Prepaid interest, first (6 days)$76.57
Prepaid interest, second (6 days)$44.38
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 7 moOf the original 30-year loan at 4.14%
Interest already paid$37,687Through Dec 2026
Assumption only · ends Jul 2049$75,991
Assumption + second · ends Jul 2049, second Jan 2057$132,890
New conventional · ends Jan 2057$208,323