Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,354/mo
Lowest payment- Down payment
- $125,765
- Funds due
- $137,241
- Interest + MI left
- $198,880
- First ends
- Sep 2049
Assumption
Assumption + second
$3,006/mo
+$652/mo- Down payment
- $44,765
- Funds due
- $57,611
- Interest + MI left
- $352,508
- First ends
- Sep 2049
New loan
New conventional
$3,125/mo
+$771/mo- Down payment
- $44,765
- Funds due
- $54,263
- Interest + MI left
- $577,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,235 | $314,235 | $395,235 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,724.47 | $1,724.47 | $2,677.46 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $261.51 | $261.51 | $79.05 |
| Taxes, insurance & HOA | $368.00 | $368.00 | $368.00 |
| Total housing payment | $2,353.98 | $3,005.72 | $3,124.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,765
Closing costs & prepaids$12,846
Usable credit−$0
Total buyer cash needed$57,611
Earnest money paid−$0
Remaining funds due$57,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$126.00
Prepaid interest, first (6 days)$197.32
Prepaid interest, second (6 days)$119.84
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 9 moOf the original 30-year loan at 3.82%
Interest already paid$95,075Through Dec 2026
Assumption only · ends Sep 2049$198,880
Assumption + second · ends Sep 2049, second Jan 2057$352,508
New conventional · ends Jan 2057$577,820