Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $70,039
- Funds due
- $79,906
- Interest + MI left
- $107,454
- First ends
- Sep 2049
Assumption
Assumption + second
$1,992/mo
+$370/mo- Down payment
- $24,039
- Funds due
- $35,178
- Interest + MI left
- $194,700
- First ends
- Sep 2049
New loan
New conventional
$2,091/mo
+$469/mo- Down payment
- $24,039
- Funds due
- $31,918
- Interest + MI left
- $327,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,961 | $169,961 | $215,961 |
| Second mortgage | — | $46,000 | — |
| First P&I | $928.76 | $928.76 | $1,495.27 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $141.19 | $141.19 | $43.19 |
| Taxes, insurance & HOA | $552.17 | $552.17 | $552.17 |
| Total housing payment | $1,622.11 | $1,992.24 | $2,090.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,039
Closing costs & prepaids$11,140
Usable credit−$0
Total buyer cash needed$35,178
Earnest money paid−$0
Remaining funds due$35,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$246.50
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$35.39
Prepaid interest, second (2 days)$22.68
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 10 moOf the original 30-year loan at 3.800%
Interest already paid$50,512Through Nov 2026
Assumption only · ends Sep 2049$107,454
Assumption + second · ends Sep 2049, second Dec 2056$194,700
New conventional · ends Dec 2056$327,519