Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,391/mo
Lowest payment- Down payment
- $73,906
- Funds due
- $83,264
- Interest + MI left
- $94,718
- First ends
- Mar 2049
Assumption
Assumption + second
$1,817/mo
+$426/mo- Down payment
- $20,906
- Funds due
- $31,527
- Interest + MI left
- $195,240
- First ends
- Mar 2049
New loan
New conventional
$1,817/mo
+$426/mo- Down payment
- $20,906
- Funds due
- $28,276
- Interest + MI left
- $279,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,094 | $131,094 | $184,094 |
| Second mortgage | — | $53,000 | — |
| First P&I | $777.02 | $777.02 | $1,274.63 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $108.50 | $108.50 | $36.82 |
| Taxes, insurance & HOA | $505.42 | $505.42 | $505.42 |
| Total housing payment | $1,390.94 | $1,817.39 | $1,816.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,906
Closing costs & prepaids$10,621
Usable credit−$0
Total buyer cash needed$31,527
Earnest money paid−$0
Remaining funds due$31,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$166.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$16.20
Prepaid interest, second (1 days)$13.07
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 4 moOf the original 30-year loan at 4.510%
Interest already paid$49,406Through Nov 2026
Assumption only · ends Mar 2049$94,718
Assumption + second · ends Mar 2049, second Dec 2056$195,240
New conventional · ends Dec 2056$279,154