Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,355/mo
Lowest payment- Down payment
- $157,200
- Funds due
- $169,050
- Interest + MI left
- $197,752
- First ends
- Jul 2049
Assumption
Assumption + second
$3,177/mo
+$822/mo- Down payment
- $45,200
- Funds due
- $58,472
- Interest + MI left
- $381,606
- First ends
- Jul 2049
New loan
New conventional
$3,271/mo
+$915/mo- Down payment
- $45,200
- Funds due
- $55,122
- Interest + MI left
- $591,885
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,800 | $292,800 | $404,800 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,664.83 | $1,664.83 | $2,742.26 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $242.88 | $242.88 | $80.96 |
| Taxes, insurance & HOA | $447.33 | $447.33 | $447.33 |
| Total housing payment | $2,355.05 | $3,176.87 | $3,270.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,200
Closing costs & prepaids$13,271
Usable credit−$0
Total buyer cash needed$58,472
Earnest money paid−$0
Remaining funds due$58,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$351.99
Prepaid interest, first (7 days)$232.47
Prepaid interest, second (7 days)$171.84
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 closing22 yr 7 moOf the original 30-year loan at 4.14%
Interest already paid$98,074Through Dec 2026
Assumption only · ends Jul 2049$197,752
Assumption + second · ends Jul 2049, second Jan 2057$381,606
New conventional · ends Jan 2057$591,885