Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $70,429
- Funds due
- $80,408
- Interest + MI left
- $106,823
- First ends
- Sep 2049
Assumption
Assumption + second
$2,006/mo
+$370/mo- Down payment
- $24,429
- Funds due
- $35,726
- Interest + MI left
- $194,069
- First ends
- Sep 2049
New loan
New conventional
$2,069/mo
+$434/mo- Down payment
- $24,429
- Funds due
- $32,512
- Interest + MI left
- $315,157
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,571 | $169,571 | $215,571 |
| Second mortgage | — | $46,000 | — |
| First P&I | $928.76 | $928.76 | $1,460.35 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $141.19 | $141.19 | $43.11 |
| Taxes, insurance & HOA | $566.00 | $566.00 | $566.00 |
| Total housing payment | $1,635.95 | $2,006.07 | $2,069.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,429
Closing costs & prepaids$11,297
Usable credit−$0
Total buyer cash needed$35,726
Earnest money paid−$0
Remaining funds due$35,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$960.00
Prepaid interest, first (6 days)$105.92
Prepaid interest, second (6 days)$68.05
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 3.8%
Interest already paid$51,050Through Dec 2026
Assumption only · ends Sep 2049$106,823
Assumption + second · ends Sep 2049, second Jan 2057$194,069
New conventional · ends Jan 2057$315,157