Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,953/mo
Lowest payment- Down payment
- $86,550
- Funds due
- $97,115
- Interest + MI left
- $138,263
- First ends
- Aug 2048
Assumption
Assumption + second
$2,419/mo
+$467/mo- Down payment
- $28,550
- Funds due
- $40,451
- Interest + MI left
- $248,268
- First ends
- Aug 2048
New loan
New conventional
$2,361/mo
+$408/mo- Down payment
- $28,550
- Funds due
- $37,177
- Interest + MI left
- $364,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,450 | $191,450 | $249,450 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,170.91 | $1,170.91 | $1,689.86 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $160.66 | $160.66 | $49.89 |
| Taxes, insurance & HOA | $621.17 | $621.17 | $621.17 |
| Total housing payment | $1,952.73 | $2,419.42 | $2,360.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,550
Closing costs & prepaids$11,901
Usable credit−$0
Total buyer cash needed$40,451
Earnest money paid−$0
Remaining funds due$40,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,780.00
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)$333.50
Initial HOA (3 months)$1,080.00
Prepaid interest, first (6 days)$146.66
Prepaid interest, second (6 days)$85.81
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 closing21 yr 8 moOf the original 30-year loan at 4.66%
Interest already paid$81,724Through Dec 2026
Assumption only · ends Aug 2048$138,263
Assumption + second · ends Aug 2048, second Jan 2057$248,268
New conventional · ends Jan 2057$364,687