Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,356/mo
Lowest payment- Down payment
- $108,507
- Funds due
- $120,086
- Interest + MI left
- $159,222
- First ends
- Jun 2048
Assumption
Assumption + second
$2,952/mo
+$595/mo- Down payment
- $34,507
- Funds due
- $47,409
- Interest + MI left
- $299,573
- First ends
- Jun 2048
New loan
New conventional
$2,879/mo
+$523/mo- Down payment
- $34,507
- Funds due
- $44,066
- Interest + MI left
- $441,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,393 | $231,393 | $305,393 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,396.11 | $1,396.11 | $2,054.40 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $196.09 | $196.09 | $61.08 |
| Taxes, insurance & HOA | $763.92 | $763.92 | $763.92 |
| Total housing payment | $2,356.12 | $2,951.54 | $2,879.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,507
Closing costs & prepaids$12,902
Usable credit−$0
Total buyer cash needed$47,409
Earnest money paid−$0
Remaining funds due$47,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$866.75
Initial HOA (3 months)$975.00
Prepaid interest, first (4 days)$113.10
Prepaid interest, second (4 days)$72.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.46%
Interest already paid$96,961Through Dec 2026
Assumption only · ends Jun 2048$159,222
Assumption + second · ends Jun 2048, second Jan 2057$299,573
New conventional · ends Jan 2057$441,275