Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $102,179
- Funds due
- $112,425
- Interest + MI left
- $89,663
- First ends
- Feb 2049
Assumption
Assumption + second
$2,198/mo
+$644/mo- Down payment
- $22,179
- Funds due
- $33,754
- Interest + MI left
- $241,394
- First ends
- Feb 2049
New loan
New conventional
$2,107/mo
+$552/mo- Down payment
- $22,179
- Funds due
- $30,496
- Interest + MI left
- $285,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,721 | $117,721 | $197,721 |
| Second mortgage | — | $80,000 | — |
| First P&I | $720.46 | $720.46 | $1,330.08 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $97.15 | $97.15 | $39.54 |
| Taxes, insurance & HOA | $736.92 | $736.92 | $736.92 |
| Total housing payment | $1,554.53 | $2,198.22 | $2,106.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,179
Closing costs & prepaids$11,576
Usable credit−$0
Total buyer cash needed$33,754
Earnest money paid−$0
Remaining funds due$33,754
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)$1,200.00
Prepaid interest, first (4 days)$62.05
Prepaid interest, second (4 days)$78.90
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 closing22 yr 2 moOf the original 30-year loan at 4.81%
Interest already paid$48,285Through Dec 2026
Assumption only · ends Feb 2049$89,663
Assumption + second · ends Feb 2049, second Jan 2057$241,394
New conventional · ends Jan 2057$285,696