Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,591/mo
Lowest payment- Down payment
- $98,806
- Funds due
- $109,000
- Interest + MI left
- $81,055
- First ends
- Jun 2047
Assumption
Assumption + second
$2,195/mo
+$603/mo- Down payment
- $23,806
- Funds due
- $35,343
- Interest + MI left
- $223,303
- First ends
- Jun 2047
New loan
New conventional
$2,120/mo
+$528/mo- Down payment
- $23,806
- Funds due
- $32,090
- Interest + MI left
- $301,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,193 | $131,193 | $206,193 |
| Second mortgage | — | $75,000 | — |
| First P&I | $794.21 | $794.21 | $1,396.82 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $115.45 | $115.45 | $41.24 |
| Taxes, insurance & HOA | $681.50 | $681.50 | $681.50 |
| Total housing payment | $1,591.17 | $2,194.63 | $2,119.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,806
Closing costs & prepaids$11,537
Usable credit−$0
Total buyer cash needed$35,343
Earnest money paid−$0
Remaining funds due$35,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.99
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)$1,008.00
Prepaid interest, first (5 days)$74.94
Prepaid interest, second (5 days)$92.47
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$58,740Through Dec 2026
Assumption only · ends Jun 2047$81,055
Assumption + second · ends Jun 2047, second Jan 2057$223,303
New conventional · ends Jan 2057$301,406