Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,983/mo
Lowest payment- Down payment
- $85,596
- Funds due
- $96,254
- Interest + MI left
- $133,220
- First ends
- Jun 2048
Assumption
Assumption + second
$2,441/mo
+$459/mo- Down payment
- $28,596
- Funds due
- $40,589
- Interest + MI left
- $241,329
- First ends
- Jun 2048
New loan
New conventional
$2,400/mo
+$418/mo- Down payment
- $28,596
- Funds due
- $37,323
- Interest + MI left
- $367,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,404 | $194,404 | $251,404 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,170.81 | $1,170.81 | $1,703.10 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $164.83 | $164.83 | $50.28 |
| Taxes, insurance & HOA | $647.00 | $647.00 | $647.00 |
| Total housing payment | $1,982.64 | $2,441.28 | $2,400.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,596
Closing costs & prepaids$11,992
Usable credit−$0
Total buyer cash needed$40,589
Earnest money paid−$0
Remaining funds due$40,589
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (6 days)$141.89
Prepaid interest, second (6 days)$84.33
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 4.44%
Interest already paid$81,119Through Dec 2026
Assumption only · ends Jun 2048$133,220
Assumption + second · ends Jun 2048, second Jan 2057$241,329
New conventional · ends Jan 2057$367,544