Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $149,423
- Funds due
- $160,410
- Interest + MI left
- $165,607
- First ends
- Jun 2049
Assumption
Assumption + second
$2,814/mo
+$800/mo- Down payment
- $40,423
- Funds due
- $52,684
- Interest + MI left
- $344,536
- First ends
- Jun 2049
New loan
New conventional
$2,953/mo
+$939/mo- Down payment
- $40,423
- Funds due
- $49,251
- Interest + MI left
- $543,734
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,577 | $249,577 | $358,577 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,408.24 | $1,408.24 | $2,482.71 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $207.43 | $207.43 | $71.72 |
| Taxes, insurance & HOA | $398.33 | $398.33 | $398.33 |
| Total housing payment | $2,014.00 | $2,813.80 | $2,952.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,423
Closing costs & prepaids$12,262
Usable credit−$0
Total buyer cash needed$52,684
Earnest money paid−$0
Remaining funds due$52,684
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$550.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$27.76
Prepaid interest, second (1 days)$23.89
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 7 moOf the original 30-year loan at 4.060%
Interest already paid$82,065Through Nov 2026
Assumption only · ends Jun 2049$165,607
Assumption + second · ends Jun 2049, second Dec 2056$344,536
New conventional · ends Dec 2056$543,734