Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $90,038
- Funds due
- $101,635
- Interest + MI left
- $90,672
- First ends
- Jun 2047
Assumption
Assumption + second
$2,669/mo
+$531/mo- Down payment
- $24,038
- Funds due
- $36,982
- Interest + MI left
- $215,850
- First ends
- Jun 2047
New loan
New conventional
$2,610/mo
+$472/mo- Down payment
- $24,038
- Funds due
- $33,748
- Interest + MI left
- $314,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,962 | $148,962 | $214,962 |
| Second mortgage | — | $66,000 | — |
| First P&I | $896.23 | $896.23 | $1,456.23 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $131.38 | $131.38 | $42.99 |
| Taxes, insurance & HOA | $1,110.58 | $1,110.58 | $1,110.58 |
| Total housing payment | $2,138.19 | $2,669.24 | $2,609.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,038
Closing costs & prepaids$12,945
Usable credit−$0
Total buyer cash needed$36,982
Earnest money paid−$0
Remaining funds due$36,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Initial HOA (3 months)$2,595.00
Prepaid interest, first (6 days)$100.40
Prepaid interest, second (6 days)$97.64
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 6 moOf the original 30-year loan at 4.1%
Interest already paid$65,654Through Dec 2026
Assumption only · ends Jun 2047$90,672
Assumption + second · ends Jun 2047, second Jan 2057$215,850
New conventional · ends Jan 2057$314,310