Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,912/mo
Lowest payment- Down payment
- $79,455
- Funds due
- $89,859
- Interest + MI left
- $144,172
- First ends
- May 2049
Assumption
Assumption + second
$2,314/mo
+$402/mo- Down payment
- $29,455
- Funds due
- $41,183
- Interest + MI left
- $239,004
- First ends
- May 2049
New loan
New conventional
$2,326/mo
+$414/mo- Down payment
- $29,455
- Funds due
- $37,919
- Interest + MI left
- $373,547
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,545 | $205,545 | $255,545 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,197.55 | $1,197.55 | $1,731.15 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $170.40 | $170.40 | $51.11 |
| Taxes, insurance & HOA | $544.00 | $544.00 | $544.00 |
| Total housing payment | $1,911.94 | $2,314.26 | $2,326.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,455
Closing costs & prepaids$11,728
Usable credit−$0
Total buyer cash needed$41,183
Earnest money paid−$0
Remaining funds due$41,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$840.00
Prepaid interest, first (6 days)$146.98
Prepaid interest, second (6 days)$73.97
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 5 moOf the original 30-year loan at 4.35%
Interest already paid$73,960Through Dec 2026
Assumption only · ends May 2049$144,172
Assumption + second · ends May 2049, second Jan 2057$239,004
New conventional · ends Jan 2057$373,547