Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $141,122
- Funds due
- $152,803
- Interest + MI left
- $116,506
- First ends
- Apr 2047
Assumption
Assumption + second
$2,930/mo
+$792/mo- Down payment
- $33,122
- Funds due
- $46,219
- Interest + MI left
- $293,793
- First ends
- Apr 2047
New loan
New conventional
$2,889/mo
+$751/mo- Down payment
- $33,122
- Funds due
- $42,929
- Interest + MI left
- $434,085
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,878 | $188,878 | $296,878 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,152.38 | $1,152.38 | $2,011.15 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $166.92 | $166.92 | $59.38 |
| Taxes, insurance & HOA | $818.00 | $818.00 | $818.00 |
| Total housing payment | $2,137.30 | $2,929.77 | $2,888.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,122
Closing costs & prepaids$13,097
Usable credit−$0
Total buyer cash needed$46,219
Earnest money paid−$0
Remaining funds due$46,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$1,608.00
Prepaid interest, first (7 days)$152.14
Prepaid interest, second (7 days)$165.70
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 4 moOf the original 30-year loan at 4.2%
Interest already paid$86,901Through Dec 2026
Assumption only · ends Apr 2047$116,506
Assumption + second · ends Apr 2047, second Jan 2057$293,793
New conventional · ends Jan 2057$434,085