Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,025/mo
Lowest payment- Down payment
- $116,979
- Funds due
- $128,142
- Interest + MI left
- $102,595
- First ends
- Jan 2047
Assumption
Assumption + second
$2,709/mo
+$684/mo- Down payment
- $31,979
- Funds due
- $44,539
- Interest + MI left
- $263,809
- First ends
- Jan 2047
New loan
New conventional
$2,676/mo
+$651/mo- Down payment
- $31,979
- Funds due
- $41,280
- Interest + MI left
- $413,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,021 | $198,021 | $283,021 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,142.10 | $1,142.10 | $1,917.28 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $180.83 | $180.83 | $56.60 |
| Taxes, insurance & HOA | $702.00 | $702.00 | $702.00 |
| Total housing payment | $2,024.93 | $2,708.85 | $2,675.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,979
Closing costs & prepaids$12,559
Usable credit−$0
Total buyer cash needed$44,539
Earnest money paid−$0
Remaining funds due$44,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$1,278.00
Prepaid interest, first (7 days)$131.78
Prepaid interest, second (7 days)$146.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing20 yr 1 moOf the original 30-year loan at 3.47%
Interest already paid$78,640Through Dec 2026
Assumption only · ends Jan 2047$102,595
Assumption + second · ends Jan 2047, second Jan 2057$263,809
New conventional · ends Jan 2057$413,767