Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,652/mo
Lowest payment- Down payment
- $153,429
- Funds due
- $163,825
- Interest + MI left
- $101,415
- First ends
- Apr 2047
Assumption
Assumption + second
$2,518/mo
+$866/mo- Down payment
- $35,429
- Funds due
- $47,127
- Interest + MI left
- $295,118
- First ends
- Apr 2047
New loan
New conventional
$2,603/mo
+$950/mo- Down payment
- $35,429
- Funds due
- $43,762
- Interest + MI left
- $477,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,571 | $196,571 | $314,571 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,112.85 | $1,112.85 | $2,178.03 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $177.97 | $177.97 | $62.91 |
| Taxes, insurance & HOA | $361.58 | $361.58 | $361.58 |
| Total housing payment | $1,652.41 | $2,518.25 | $2,602.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,429
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$47,127
Earnest money paid−$0
Remaining funds due$47,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$404.50
Initial HOA (3 months)$230.25
Prepaid interest, first (2 days)$36.51
Prepaid interest, second (2 days)$51.73
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 5 moOf the original 30-year loan at 3.390%
Interest already paid$73,300Through Nov 2026
Assumption only · ends Apr 2047$101,415
Assumption + second · ends Apr 2047, second Dec 2056$295,118
New conventional · ends Dec 2056$477,005