Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $153,605
- Funds due
- $164,609
- Interest + MI left
- $88,697
- First ends
- May 2047
Assumption
Assumption + second
$2,630/mo
+$903/mo- Down payment
- $30,605
- Funds due
- $42,994
- Interest + MI left
- $290,608
- First ends
- May 2047
New loan
New conventional
$2,594/mo
+$866/mo- Down payment
- $30,605
- Funds due
- $39,686
- Interest + MI left
- $393,700
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,295 | $146,295 | $269,295 |
| Second mortgage | — | $123,000 | — |
| First P&I | $882.47 | $882.47 | $1,824.30 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $129.36 | $129.36 | $53.86 |
| Taxes, insurance & HOA | $715.92 | $715.92 | $715.92 |
| Total housing payment | $1,727.75 | $2,630.28 | $2,594.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,605
Closing costs & prepaids$12,389
Usable credit−$0
Total buyer cash needed$42,994
Earnest money paid−$0
Remaining funds due$42,994
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Initial HOA (3 months)$933.00
Prepaid interest, first (5 days)$82.17
Prepaid interest, second (5 days)$134.79
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 5 moOf the original 30-year loan at 4.1%
Interest already paid$65,148Through Dec 2026
Assumption only · ends May 2047$88,697
Assumption + second · ends May 2047, second Jan 2057$290,608
New conventional · ends Jan 2057$393,700