Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $140,931
- Funds due
- $150,852
- Interest + MI left
- $99,333
- First ends
- Sep 2049
Assumption
Assumption + second
$2,181/mo
+$807/mo- Down payment
- $30,931
- Funds due
- $42,126
- Interest + MI left
- $279,904
- First ends
- Sep 2049
New loan
New conventional
$2,293/mo
+$919/mo- Down payment
- $30,931
- Funds due
- $38,780
- Interest + MI left
- $407,802
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,969 | $158,969 | $268,969 |
| Second mortgage | — | $110,000 | — |
| First P&I | $864.44 | $864.44 | $1,862.29 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $132.22 | $132.22 | $53.79 |
| Taxes, insurance & HOA | $376.75 | $376.75 | $376.75 |
| Total housing payment | $1,373.41 | $2,180.55 | $2,292.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,931
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$42,126
Earnest money paid−$0
Remaining funds due$42,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$498.25
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$16.33
Prepaid interest, second (1 days)$24.11
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 10 moOf the original 30-year loan at 3.750%
Interest already paid$46,653Through Nov 2026
Assumption only · ends Sep 2049$99,333
Assumption + second · ends Sep 2049, second Dec 2056$279,904
New conventional · ends Dec 2056$407,802