Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,968/mo
Lowest payment- Down payment
- $136,375
- Funds due
- $147,105
- Interest + MI left
- $141,389
- First ends
- Aug 2047
Assumption
Assumption + second
$2,757/mo
+$789/mo- Down payment
- $38,375
- Funds due
- $50,500
- Interest + MI left
- $327,260
- First ends
- Aug 2047
New loan
New conventional
$2,698/mo
+$729/mo- Down payment
- $38,375
- Funds due
- $47,164
- Interest + MI left
- $492,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,625 | $238,625 | $336,625 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,408.02 | $1,408.02 | $2,280.42 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $210.43 | $210.43 | $67.33 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,968.45 | $2,756.98 | $2,697.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,375
Closing costs & prepaids$12,125
Usable credit−$0
Total buyer cash needed$50,500
Earnest money paid−$0
Remaining funds due$50,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$154.55
Prepaid interest, second (6 days)$144.99
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 closing20 yr 8 moOf the original 30-year loan at 3.94%
Interest already paid$99,249Through Dec 2026
Assumption only · ends Aug 2047$141,389
Assumption + second · ends Aug 2047, second Jan 2057$327,260
New conventional · ends Jan 2057$492,134