Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $53,308
- Funds due
- $62,176
- Interest + MI left
- $107,224
- First ends
- Apr 2049
Assumption
Assumption + second
$1,618/mo
+$266/mo- Down payment
- $20,308
- Funds due
- $30,434
- Interest + MI left
- $169,813
- First ends
- Apr 2049
New loan
New conventional
$1,650/mo
+$297/mo- Down payment
- $20,308
- Funds due
- $27,191
- Interest + MI left
- $277,065
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,692 | $149,692 | $182,692 |
| Second mortgage | — | $33,000 | — |
| First P&I | $880.37 | $880.37 | $1,264.92 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $123.80 | $123.80 | $36.54 |
| Taxes, insurance & HOA | $348.17 | $348.17 | $348.17 |
| Total housing payment | $1,352.34 | $1,617.87 | $1,649.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,308
Closing costs & prepaids$10,126
Usable credit−$0
Total buyer cash needed$30,434
Earnest money paid−$0
Remaining funds due$30,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,030.00
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)$369.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$18.25
Prepaid interest, second (1 days)$8.14
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 5 moOf the original 30-year loan at 4.450%
Interest already paid$55,031Through Nov 2026
Assumption only · ends Apr 2049$107,224
Assumption + second · ends Apr 2049, second Dec 2056$169,813
New conventional · ends Dec 2056$277,065