Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $132,896
- Funds due
- $143,245
- Interest + MI left
- $86,316
- First ends
- Jun 2048
Assumption
Assumption + second
$2,281/mo
+$778/mo- Down payment
- $26,896
- Funds due
- $38,611
- Interest + MI left
- $260,321
- First ends
- Jun 2048
New loan
New conventional
$2,258/mo
+$755/mo- Down payment
- $26,896
- Funds due
- $35,329
- Interest + MI left
- $340,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,004 | $127,004 | $233,004 |
| Second mortgage | — | $106,000 | — |
| First P&I | $762.12 | $762.12 | $1,578.45 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $107.80 | $107.80 | $46.60 |
| Taxes, insurance & HOA | $632.92 | $632.92 | $632.92 |
| Total housing payment | $1,502.84 | $2,280.63 | $2,257.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,896
Closing costs & prepaids$11,715
Usable credit−$0
Total buyer cash needed$38,611
Earnest money paid−$0
Remaining funds due$38,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$662.75
Initial HOA (3 months)$786.00
Prepaid interest, first (5 days)$76.55
Prepaid interest, second (5 days)$116.16
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 closing21 yr 6 moOf the original 30-year loan at 4.4%
Interest already paid$52,548Through Dec 2026
Assumption only · ends Jun 2048$86,316
Assumption + second · ends Jun 2048, second Jan 2057$260,321
New conventional · ends Jan 2057$340,597