Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $136,687
- Funds due
- $146,768
- Interest + MI left
- $99,856
- First ends
- Oct 2047
Assumption
Assumption + second
$2,313/mo
+$778/mo- Down payment
- $30,687
- Funds due
- $42,041
- Interest + MI left
- $273,861
- First ends
- Oct 2047
New loan
New conventional
$2,348/mo
+$812/mo- Down payment
- $30,687
- Funds due
- $38,697
- Interest + MI left
- $408,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,313 | $163,313 | $269,313 |
| Second mortgage | — | $106,000 | — |
| First P&I | $963.99 | $963.99 | $1,864.67 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $142.51 | $142.51 | $53.86 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $1,535.66 | $2,313.45 | $2,347.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,687
Closing costs & prepaids$11,354
Usable credit−$0
Total buyer cash needed$42,041
Earnest money paid−$0
Remaining funds due$42,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$528.50
Initial HOA (3 months)$309.00
Prepaid interest, first (1 days)$18.03
Prepaid interest, second (1 days)$23.23
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 closing20 yr 11 moOf the original 30-year loan at 4.030%
Interest already paid$67,199Through Nov 2026
Assumption only · ends Oct 2047$99,856
Assumption + second · ends Oct 2047, second Dec 2056$273,861
New conventional · ends Dec 2056$408,377