Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $125,235
- Funds due
- $135,042
- Interest + MI left
- $110,695
- First ends
- Jan 2049
Assumption
Assumption + second
$2,233/mo
+$789/mo- Down payment
- $27,235
- Funds due
- $38,316
- Interest + MI left
- $296,566
- First ends
- Jan 2049
New loan
New conventional
$2,167/mo
+$722/mo- Down payment
- $27,235
- Funds due
- $35,000
- Interest + MI left
- $368,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,765 | $144,765 | $242,765 |
| Second mortgage | — | $98,000 | — |
| First P&I | $887.59 | $887.59 | $1,680.86 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $119.42 | $119.42 | $48.55 |
| Taxes, insurance & HOA | $437.83 | $437.83 | $437.83 |
| Total housing payment | $1,444.84 | $2,233.37 | $2,167.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,235
Closing costs & prepaids$11,082
Usable credit−$0
Total buyer cash needed$38,316
Earnest money paid−$0
Remaining funds due$38,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$161.50
Initial HOA (3 months)$702.00
Prepaid interest, first (1 days)$19.16
Prepaid interest, second (1 days)$24.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 4.830%
Interest already paid$59,610Through Nov 2026
Assumption only · ends Jan 2049$110,695
Assumption + second · ends Jan 2049, second Dec 2056$296,566
New conventional · ends Dec 2056$368,169