Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $185,187
- Funds due
- $197,688
- Interest + MI left
- $237,494
- First ends
- Feb 2049
Assumption
Assumption + second
$3,593/mo
+$991/mo- Down payment
- $50,187
- Funds due
- $64,115
- Interest + MI left
- $459,103
- First ends
- Feb 2049
New loan
New conventional
$3,553/mo
+$951/mo- Down payment
- $50,187
- Funds due
- $60,667
- Interest + MI left
- $653,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,813 | $311,813 | $446,813 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,908.30 | $1,908.30 | $3,026.87 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $257.34 | $257.34 | $89.36 |
| Taxes, insurance & HOA | $436.50 | $436.50 | $436.50 |
| Total housing payment | $2,602.13 | $3,592.71 | $3,552.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,187
Closing costs & prepaids$13,929
Usable credit−$0
Total buyer cash needed$64,115
Earnest money paid−$0
Remaining funds due$64,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,970.00
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)$596.50
Initial HOA (3 months)$213.00
Prepaid interest, first (6 days)$246.55
Prepaid interest, second (6 days)$177.53
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 2 moOf the original 30-year loan at 4.81%
Interest already paid$127,895Through Dec 2026
Assumption only · ends Feb 2049$237,494
Assumption + second · ends Feb 2049, second Jan 2057$459,103
New conventional · ends Jan 2057$653,315