Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,425/mo
Lowest payment- Down payment
- $85,787
- Funds due
- $97,328
- Interest + MI left
- $170,405
- First ends
- Mar 2049
Assumption
Assumption + second
$2,827/mo
+$402/mo- Down payment
- $35,787
- Funds due
- $48,639
- Interest + MI left
- $265,237
- First ends
- Mar 2049
New loan
New conventional
$2,898/mo
+$473/mo- Down payment
- $35,787
- Funds due
- $45,334
- Interest + MI left
- $459,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,113 | $264,113 | $314,113 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,495.37 | $1,495.37 | $2,127.91 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $221.87 | $221.87 | $62.82 |
| Taxes, insurance & HOA | $707.42 | $707.42 | $707.42 |
| Total housing payment | $2,424.65 | $2,826.96 | $2,898.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,787
Closing costs & prepaids$12,853
Usable credit−$0
Total buyer cash needed$48,639
Earnest money paid−$0
Remaining funds due$48,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Initial HOA (3 months)$780.00
Prepaid interest, first (5 days)$144.72
Prepaid interest, second (5 days)$61.64
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 closing22 yr 3 moOf the original 30-year loan at 4%
Interest already paid$89,961Through Dec 2026
Assumption only · ends Mar 2049$170,405
Assumption + second · ends Mar 2049, second Jan 2057$265,237
New conventional · ends Jan 2057$459,222