Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $131,490
- Funds due
- $142,119
- Interest + MI left
- $128,092
- First ends
- Jan 2049
Assumption
Assumption + second
$2,495/mo
+$741/mo- Down payment
- $30,490
- Funds due
- $42,480
- Interest + MI left
- $293,889
- First ends
- Jan 2049
New loan
New conventional
$2,457/mo
+$703/mo- Down payment
- $30,490
- Funds due
- $39,167
- Interest + MI left
- $392,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,510 | $167,510 | $268,510 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,031.08 | $1,031.08 | $1,818.98 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $138.40 | $138.40 | $53.70 |
| Taxes, insurance & HOA | $584.17 | $584.17 | $584.17 |
| Total housing payment | $1,753.65 | $2,494.76 | $2,456.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,490
Closing costs & prepaids$11,989
Usable credit−$0
Total buyer cash needed$42,480
Earnest money paid−$0
Remaining funds due$42,480
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$762.50
Initial HOA (3 months)$540.00
Prepaid interest, first (5 days)$111.29
Prepaid interest, second (5 days)$110.68
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 1 moOf the original 30-year loan at 4.85%
Interest already paid$70,067Through Dec 2026
Assumption only · ends Jan 2049$128,092
Assumption + second · ends Jan 2049, second Jan 2057$293,889
New conventional · ends Jan 2057$392,552