Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $134,774
- Funds due
- $146,848
- Interest + MI left
- $219,652
- First ends
- Jul 2049
Assumption
Assumption + second
$3,253/mo
+$708/mo- Down payment
- $46,774
- Funds due
- $60,228
- Interest + MI left
- $386,556
- First ends
- Jul 2049
New loan
New conventional
$3,308/mo
+$763/mo- Down payment
- $46,774
- Funds due
- $56,846
- Interest + MI left
- $604,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,226 | $325,226 | $413,226 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,849.21 | $1,849.21 | $2,799.34 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $269.78 | $269.78 | $82.65 |
| Taxes, insurance & HOA | $425.67 | $425.67 | $425.67 |
| Total housing payment | $2,544.66 | $3,252.72 | $3,307.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,774
Closing costs & prepaids$13,454
Usable credit−$0
Total buyer cash needed$60,228
Earnest money paid−$0
Remaining funds due$60,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$221.33
Prepaid interest, second (6 days)$130.19
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$108,935Through Dec 2026
Assumption only · ends Jul 2049$219,652
Assumption + second · ends Jul 2049, second Jan 2057$386,556
New conventional · ends Jan 2057$604,122