Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $92,565
- Funds due
- $102,982
- Interest + MI left
- $110,894
- First ends
- May 2049
Assumption
Assumption + second
$2,265/mo
+$539/mo- Down payment
- $25,565
- Funds due
- $37,331
- Interest + MI left
- $237,969
- First ends
- May 2049
New loan
New conventional
$2,241/mo
+$516/mo- Down payment
- $25,565
- Funds due
- $34,077
- Interest + MI left
- $328,116
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,435 | $157,435 | $224,435 |
| Second mortgage | — | $67,000 | — |
| First P&I | $918.98 | $918.98 | $1,520.40 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $130.45 | $130.45 | $44.89 |
| Taxes, insurance & HOA | $676.00 | $676.00 | $676.00 |
| Total housing payment | $1,725.43 | $2,264.52 | $2,241.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,565
Closing costs & prepaids$11,765
Usable credit−$0
Total buyer cash needed$37,331
Earnest money paid−$0
Remaining funds due$37,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$1,278.00
Prepaid interest, first (6 days)$113.09
Prepaid interest, second (6 days)$99.12
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 4.37%
Interest already paid$56,894Through Dec 2026
Assumption only · ends May 2049$110,894
Assumption + second · ends May 2049, second Jan 2057$237,969
New conventional · ends Jan 2057$328,116