Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $109,085
- Funds due
- $119,072
- Interest + MI left
- $57,413
- First ends
- Jan 2047
Assumption
Assumption + second
$2,097/mo
+$700/mo- Down payment
- $22,085
- Funds due
- $33,407
- Interest + MI left
- $222,421
- First ends
- Jan 2047
New loan
New conventional
$2,027/mo
+$630/mo- Down payment
- $22,085
- Funds due
- $30,163
- Interest + MI left
- $285,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,815 | $110,815 | $197,815 |
| Second mortgage | — | $87,000 | — |
| First P&I | $639.13 | $639.13 | $1,330.71 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $101.20 | $101.20 | $39.56 |
| Taxes, insurance & HOA | $656.92 | $656.92 | $656.92 |
| Total housing payment | $1,397.25 | $2,097.27 | $2,027.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,085
Closing costs & prepaids$11,323
Usable credit−$0
Total buyer cash needed$33,407
Earnest money paid−$0
Remaining funds due$33,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,199.00
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)$560.75
Initial HOA (3 months)$960.00
Prepaid interest, first (4 days)$42.14
Prepaid interest, second (4 days)$85.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 30-year loan at 3.47%
Interest already paid$44,008Through Dec 2026
Assumption only · ends Jan 2047$57,413
Assumption + second · ends Jan 2047, second Jan 2057$222,421
New conventional · ends Jan 2057$285,831