Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,345/mo
Lowest payment- Down payment
- $167,561
- Funds due
- $179,194
- Interest + MI left
- $176,247
- First ends
- Jul 2047
Assumption
Assumption + second
$3,240/mo
+$895/mo- Down payment
- $45,561
- Funds due
- $58,604
- Interest + MI left
- $376,516
- First ends
- Jul 2047
New loan
New conventional
$3,208/mo
+$863/mo- Down payment
- $45,561
- Funds due
- $55,221
- Interest + MI left
- $591,210
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,339 | $282,339 | $404,339 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,709.36 | $1,709.36 | $2,739.13 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $247.60 | $247.60 | $80.87 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $2,344.96 | $3,240.16 | $3,208.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,561
Closing costs & prepaids$13,043
Usable credit−$0
Total buyer cash needed$58,604
Earnest money paid−$0
Remaining funds due$58,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$194.93
Prepaid interest, second (6 days)$160.44
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 closing20 yr 7 moOf the original 30-year loan at 4.2%
Interest already paid$125,946Through Dec 2026
Assumption only · ends Jul 2047$176,247
Assumption + second · ends Jul 2047, second Jan 2057$376,516
New conventional · ends Jan 2057$591,210