Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $141,070
- Funds due
- $151,501
- Interest + MI left
- $109,820
- First ends
- Aug 2049
Assumption
Assumption + second
$2,394/mo
+$807/mo- Down payment
- $31,070
- Funds due
- $42,775
- Interest + MI left
- $290,390
- First ends
- Aug 2049
New loan
New conventional
$2,481/mo
+$894/mo- Down payment
- $31,070
- Funds due
- $39,427
- Interest + MI left
- $415,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,929 | $163,929 | $273,929 |
| Second mortgage | — | $110,000 | — |
| First P&I | $921.72 | $921.72 | $1,896.63 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $135.60 | $135.60 | $54.79 |
| Taxes, insurance & HOA | $529.17 | $529.17 | $529.17 |
| Total housing payment | $1,586.49 | $2,393.63 | $2,480.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,070
Closing costs & prepaids$11,705
Usable credit−$0
Total buyer cash needed$42,775
Earnest money paid−$0
Remaining funds due$42,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.99
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)$837.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$18.28
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 9 moOf the original 30-year loan at 4.070%
Interest already paid$52,676Through Nov 2026
Assumption only · ends Aug 2049$109,820
Assumption + second · ends Aug 2049, second Dec 2056$290,390
New conventional · ends Dec 2056$415,377