Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,787/mo
Lowest payment- Down payment
- $45,778
- Funds due
- $55,656
- Interest + MI left
- $130,412
- First ends
- Feb 2049
Assumption
Assumption + second
$2,143/mo
+$357/mo- Down payment
- $10,778
- Funds due
- $21,974
- Interest + MI left
- $223,806
- First ends
- Feb 2049
New loan
New conventional
$2,030/mo
+$244/mo- Down payment
- $10,778
- Funds due
- $18,854
- Interest + MI left
- $299,709
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,222 | $169,222 | $204,222 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,041.34 | $1,041.34 | $1,383.47 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $139.46 | $139.46 | $40.84 |
| Taxes, insurance & HOA | $606.00 | $606.00 | $606.00 |
| Total housing payment | $1,786.80 | $2,143.45 | $2,030.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,778
Closing costs & prepaids$11,197
Usable credit−$0
Total buyer cash needed$21,974
Earnest money paid−$0
Remaining funds due$21,974
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Initial HOA (3 months)$1,110.00
Prepaid interest, first (6 days)$135.47
Prepaid interest, second (6 days)$68.32
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 2 moOf the original 30-year loan at 4.87%
Interest already paid$70,222Through Dec 2026
Assumption only · ends Feb 2049$130,412
Assumption + second · ends Feb 2049, second Jan 2057$223,806
New conventional · ends Jan 2057$299,709