Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $109,740
- Funds due
- $118,832
- Interest + MI left
- $73,122
- First ends
- Feb 2049
Assumption
Assumption + second
$1,795/mo
+$716/mo- Down payment
- $20,740
- Funds due
- $31,104
- Interest + MI left
- $241,923
- First ends
- Feb 2049
New loan
New conventional
$1,731/mo
+$651/mo- Down payment
- $20,740
- Funds due
- $27,849
- Interest + MI left
- $279,406
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,260 | $95,260 | $184,260 |
| Second mortgage | — | $89,000 | — |
| First P&I | $582.83 | $582.83 | $1,275.78 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $78.42 | $78.42 | $36.85 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $1,079.25 | $1,795.36 | $1,730.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,740
Closing costs & prepaids$10,364
Usable credit−$0
Total buyer cash needed$31,104
Earnest money paid−$0
Remaining funds due$31,104
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$294.00
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$12.61
Prepaid interest, second (1 days)$21.95
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 3 moOf the original 30-year loan at 4.830%
Interest already paid$38,759Through Nov 2026
Assumption only · ends Feb 2049$73,122
Assumption + second · ends Feb 2049, second Dec 2056$241,923
New conventional · ends Dec 2056$279,406