Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,396/mo
Lowest payment- Down payment
- $123,519
- Funds due
- $133,263
- Interest + MI left
- $106,720
- First ends
- Oct 2049
Assumption
Assumption + second
$2,153/mo
+$756/mo- Down payment
- $29,519
- Funds due
- $40,559
- Interest + MI left
- $285,004
- First ends
- Oct 2049
New loan
New conventional
$2,211/mo
+$815/mo- Down payment
- $29,519
- Funds due
- $37,239
- Interest + MI left
- $399,435
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,381 | $169,381 | $263,381 |
| Second mortgage | — | $94,000 | — |
| First P&I | $920.75 | $920.75 | $1,823.60 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $140.48 | $140.48 | $52.68 |
| Taxes, insurance & HOA | $334.92 | $334.92 | $334.92 |
| Total housing payment | $1,396.16 | $2,152.50 | $2,211.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,519
Closing costs & prepaids$11,040
Usable credit−$0
Total buyer cash needed$40,559
Earnest money paid−$0
Remaining funds due$40,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,929.00
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)$470.75
Initial HOA (3 months)$84.00
Prepaid interest, first (2 days)$34.99
Prepaid interest, second (2 days)$46.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 3.770%
Interest already paid$49,314Through Nov 2026
Assumption only · ends Oct 2049$106,720
Assumption + second · ends Oct 2049, second Dec 2056$285,004
New conventional · ends Dec 2056$399,435