Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $73,687
- Funds due
- $83,570
- Interest + MI left
- $99,990
- First ends
- May 2048
Assumption
Assumption + second
$2,044/mo
+$410/mo- Down payment
- $22,687
- Funds due
- $33,833
- Interest + MI left
- $196,719
- First ends
- May 2048
New loan
New conventional
$2,032/mo
+$399/mo- Down payment
- $22,687
- Funds due
- $30,565
- Interest + MI left
- $297,643
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,313 | $145,313 | $196,313 |
| Second mortgage | — | $51,000 | — |
| First P&I | $876.75 | $876.75 | $1,359.23 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $123.14 | $123.14 | $39.26 |
| Taxes, insurance & HOA | $633.33 | $633.33 | $633.33 |
| Total housing payment | $1,633.22 | $2,043.58 | $2,031.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,687
Closing costs & prepaids$11,145
Usable credit−$0
Total buyer cash needed$33,833
Earnest money paid−$0
Remaining funds due$33,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,190.00
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)$760.00
Initial HOA (3 months)$690.00
Prepaid interest, first (1 days)$17.76
Prepaid interest, second (1 days)$12.58
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 6 moOf the original 30-year loan at 4.460%
Interest already paid$60,891Through Nov 2026
Assumption only · ends May 2048$99,990
Assumption + second · ends May 2048, second Dec 2056$196,719
New conventional · ends Dec 2056$297,643