Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
Lowest payment- Down payment
- $193,830
- Funds due
- $206,396
- Interest + MI left
- $243,198
- First ends
- Jan 2049
Assumption
Assumption + second
$3,657/mo
+$1,042/mo- Down payment
- $51,830
- Funds due
- $65,864
- Interest + MI left
- $476,299
- First ends
- Jan 2049
New loan
New conventional
$3,612/mo
+$997/mo- Down payment
- $51,830
- Funds due
- $62,420
- Interest + MI left
- $677,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,170 | $321,170 | $463,170 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,967.92 | $1,967.92 | $3,137.67 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $265.68 | $265.68 | $92.63 |
| Taxes, insurance & HOA | $381.84 | $381.84 | $381.84 |
| Total housing payment | $2,615.44 | $3,657.38 | $3,612.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,830
Closing costs & prepaids$14,034
Usable credit−$0
Total buyer cash needed$65,864
Earnest money paid−$0
Remaining funds due$65,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Initial HOA (3 months)$27.51
Prepaid interest, first (7 days)$295.65
Prepaid interest, second (7 days)$217.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 4.8%
Interest already paid$133,041Through Dec 2026
Assumption only · ends Jan 2049$243,198
Assumption + second · ends Jan 2049, second Jan 2057$476,299
New conventional · ends Jan 2057$677,231