Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $75,281
- Funds due
- $84,990
- Interest + MI left
- $121,969
- First ends
- Jun 2049
Assumption
Assumption + second
$1,989/mo
+$402/mo- Down payment
- $25,281
- Funds due
- $36,326
- Interest + MI left
- $216,801
- First ends
- Jun 2049
New loan
New conventional
$1,997/mo
+$411/mo- Down payment
- $25,281
- Funds due
- $33,103
- Interest + MI left
- $328,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,719 | $174,719 | $224,719 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,011.89 | $1,011.89 | $1,522.32 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $144.66 | $144.66 | $44.94 |
| Taxes, insurance & HOA | $430.00 | $430.00 | $430.00 |
| Total housing payment | $1,586.55 | $1,988.86 | $1,997.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,281
Closing costs & prepaids$11,046
Usable credit−$0
Total buyer cash needed$36,326
Earnest money paid−$0
Remaining funds due$36,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Initial HOA (3 months)$540.00
Prepaid interest, first (7 days)$144.42
Prepaid interest, second (7 days)$86.30
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 6 moOf the original 30-year loan at 4.31%
Interest already paid$61,557Through Dec 2026
Assumption only · ends Jun 2049$121,969
Assumption + second · ends Jun 2049, second Jan 2057$216,801
New conventional · ends Jan 2057$328,576