Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,600/mo
Lowest payment- Down payment
- $108,807
- Funds due
- $119,127
- Interest + MI left
- $81,055
- First ends
- Jun 2047
Assumption
Assumption + second
$2,276/mo
+$676/mo- Down payment
- $24,807
- Funds due
- $36,481
- Interest + MI left
- $240,373
- First ends
- Jun 2047
New loan
New conventional
$2,191/mo
+$591/mo- Down payment
- $24,807
- Funds due
- $33,216
- Interest + MI left
- $314,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,193 | $131,193 | $215,193 |
| Second mortgage | — | $84,000 | — |
| First P&I | $794.21 | $794.21 | $1,457.79 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $115.45 | $115.45 | $43.04 |
| Taxes, insurance & HOA | $690.00 | $690.00 | $690.00 |
| Total housing payment | $1,599.67 | $2,275.55 | $2,190.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,807
Closing costs & prepaids$11,674
Usable credit−$0
Total buyer cash needed$36,481
Earnest money paid−$0
Remaining funds due$36,481
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)$612.00
Initial HOA (3 months)$1,008.00
Prepaid interest, first (5 days)$74.94
Prepaid interest, second (5 days)$103.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$58,740Through Dec 2026
Assumption only · ends Jun 2047$81,055
Assumption + second · ends Jun 2047, second Jan 2057$240,373
New conventional · ends Jan 2057$314,562