Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,281/mo
Lowest payment- Down payment
- $93,666
- Funds due
- $104,960
- Interest + MI left
- $171,349
- First ends
- Jun 2049
Assumption
Assumption + second
$2,756/mo
+$475/mo- Down payment
- $34,666
- Funds due
- $47,298
- Interest + MI left
- $283,251
- First ends
- Jun 2049
New loan
New conventional
$2,796/mo
+$515/mo- Down payment
- $34,666
- Funds due
- $44,007
- Interest + MI left
- $453,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,334 | $251,334 | $310,334 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,440.48 | $1,440.48 | $2,102.31 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $208.65 | $208.65 | $62.07 |
| Taxes, insurance & HOA | $632.00 | $632.00 | $632.00 |
| Total housing payment | $2,281.13 | $2,755.86 | $2,796.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,666
Closing costs & prepaids$12,632
Usable credit−$0
Total buyer cash needed$47,298
Earnest money paid−$0
Remaining funds due$47,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$1,032.00
Prepaid interest, first (6 days)$173.52
Prepaid interest, second (6 days)$87.29
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 6 moOf the original 30-year loan at 4.2%
Interest already paid$86,411Through Dec 2026
Assumption only · ends Jun 2049$171,349
Assumption + second · ends Jun 2049, second Jan 2057$283,251
New conventional · ends Jan 2057$453,760