Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,016/mo
Lowest payment- Down payment
- $110,016
- Funds due
- $121,298
- Interest + MI left
- $123,344
- First ends
- Sep 2049
Assumption
Assumption + second
$2,652/mo
+$636/mo- Down payment
- $31,016
- Funds due
- $43,646
- Interest + MI left
- $273,178
- First ends
- Sep 2049
New loan
New conventional
$2,692/mo
+$676/mo- Down payment
- $31,016
- Funds due
- $40,355
- Interest + MI left
- $399,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,984 | $193,984 | $272,984 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,066.63 | $1,066.63 | $1,849.29 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $161.36 | $161.36 | $54.60 |
| Taxes, insurance & HOA | $788.42 | $788.42 | $788.42 |
| Total housing payment | $2,016.40 | $2,652.06 | $2,692.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,016
Closing costs & prepaids$12,630
Usable credit−$0
Total buyer cash needed$43,646
Earnest money paid−$0
Remaining funds due$43,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,040.00
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)$775.25
Initial HOA (3 months)$1,140.00
Prepaid interest, first (5 days)$102.04
Prepaid interest, second (5 days)$97.40
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 9 moOf the original 30-year loan at 3.84%
Interest already paid$58,984Through Dec 2026
Assumption only · ends Sep 2049$123,344
Assumption + second · ends Sep 2049, second Jan 2057$273,178
New conventional · ends Jan 2057$399,093