Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,498/mo
Lowest payment- Down payment
- $115,991
- Funds due
- $127,924
- Interest + MI left
- $172,633
- First ends
- Jun 2048
Assumption
Assumption + second
$3,125/mo
+$628/mo- Down payment
- $37,991
- Funds due
- $51,289
- Interest + MI left
- $320,571
- First ends
- Jun 2048
New loan
New conventional
$3,074/mo
+$576/mo- Down payment
- $37,991
- Funds due
- $47,952
- Interest + MI left
- $485,386
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,009 | $254,009 | $332,009 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,524.24 | $1,524.24 | $2,249.14 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $215.61 | $215.61 | $66.40 |
| Taxes, insurance & HOA | $758.00 | $758.00 | $758.00 |
| Total housing payment | $2,497.85 | $3,125.45 | $3,073.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,991
Closing costs & prepaids$13,298
Usable credit−$0
Total buyer cash needed$51,289
Earnest money paid−$0
Remaining funds due$51,289
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$1,380.00
Prepaid interest, first (6 days)$183.72
Prepaid interest, second (6 days)$115.40
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 6 moOf the original 30-year loan at 4.4%
Interest already paid$105,097Through Dec 2026
Assumption only · ends Jun 2048$172,633
Assumption + second · ends Jun 2048, second Jan 2057$320,571
New conventional · ends Jan 2057$485,386