Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $81,103
- Funds due
- $90,931
- Interest + MI left
- $113,854
- First ends
- Feb 2049
Assumption
Assumption + second
$2,054/mo
+$467/mo- Down payment
- $23,103
- Funds due
- $34,252
- Interest + MI left
- $223,860
- First ends
- Feb 2049
New loan
New conventional
$1,994/mo
+$407/mo- Down payment
- $23,103
- Funds due
- $31,005
- Interest + MI left
- $302,518
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,897 | $148,897 | $206,897 |
| Second mortgage | — | $58,000 | — |
| First P&I | $912.92 | $912.92 | $1,401.59 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $122.83 | $122.83 | $41.38 |
| Taxes, insurance & HOA | $551.50 | $551.50 | $551.50 |
| Total housing payment | $1,587.25 | $2,053.93 | $1,994.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,103
Closing costs & prepaids$11,150
Usable credit−$0
Total buyer cash needed$34,252
Earnest money paid−$0
Remaining funds due$34,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$586.50
Initial HOA (3 months)$618.00
Prepaid interest, first (5 days)$98.52
Prepaid interest, second (5 days)$71.51
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 2 moOf the original 30-year loan at 4.83%
Interest already paid$61,311Through Dec 2026
Assumption only · ends Feb 2049$113,854
Assumption + second · ends Feb 2049, second Jan 2057$223,860
New conventional · ends Jan 2057$302,518