Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,567/mo
Lowest payment- Down payment
- $158,596
- Funds due
- $169,275
- Interest + MI left
- $73,484
- First ends
- Jan 2047
Assumption
Assumption + second
$2,507/mo
+$939/mo- Down payment
- $30,596
- Funds due
- $42,581
- Interest + MI left
- $283,603
- First ends
- Jan 2047
New loan
New conventional
$2,544/mo
+$977/mo- Down payment
- $30,596
- Funds due
- $39,251
- Interest + MI left
- $408,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,304 | $141,304 | $269,304 |
| Second mortgage | — | $128,000 | — |
| First P&I | $812.65 | $812.65 | $1,864.61 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $128.67 | $128.67 | $53.86 |
| Taxes, insurance & HOA | $626.00 | $626.00 | $626.00 |
| Total housing payment | $1,567.31 | $2,506.53 | $2,544.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,596
Closing costs & prepaids$11,985
Usable credit−$0
Total buyer cash needed$42,581
Earnest money paid−$0
Remaining funds due$42,581
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)$378.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$26.87
Prepaid interest, second (2 days)$56.11
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 closing20 yr 2 moOf the original 30-year loan at 3.470%
Interest already paid$55,547Through Nov 2026
Assumption only · ends Jan 2047$73,484
Assumption + second · ends Jan 2047, second Dec 2056$283,603
New conventional · ends Dec 2056$408,364