Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $113,287
- Funds due
- $123,257
- Interest + MI left
- $132,828
- First ends
- Oct 2048
Assumption
Assumption + second
$2,335/mo
+$668/mo- Down payment
- $30,287
- Funds due
- $41,528
- Interest + MI left
- $290,250
- First ends
- Oct 2048
New loan
New conventional
$2,312/mo
+$644/mo- Down payment
- $30,287
- Funds due
- $38,186
- Interest + MI left
- $408,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,613 | $186,613 | $269,613 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,120.37 | $1,120.37 | $1,866.75 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $156.08 | $156.08 | $53.92 |
| Taxes, insurance & HOA | $391.08 | $391.08 | $391.08 |
| Total housing payment | $1,667.53 | $2,335.37 | $2,311.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,287
Closing costs & prepaids$11,241
Usable credit−$0
Total buyer cash needed$41,528
Earnest money paid−$0
Remaining funds due$41,528
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)$348.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$23.16
Prepaid interest, second (1 days)$20.47
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 closing21 yr 11 moOf the original 30-year loan at 4.530%
Interest already paid$74,947Through Nov 2026
Assumption only · ends Oct 2048$132,828
Assumption + second · ends Oct 2048, second Dec 2056$290,250
New conventional · ends Dec 2056$408,832