Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
Lowest payment- Down payment
- $164,871
- Funds due
- $175,694
- Interest + MI left
- $98,887
- First ends
- Jun 2047
Assumption
Assumption + second
$2,662/mo
+$969/mo- Down payment
- $32,871
- Funds due
- $44,973
- Interest + MI left
- $315,572
- First ends
- Jun 2047
New loan
New conventional
$2,655/mo
+$962/mo- Down payment
- $32,871
- Funds due
- $41,605
- Interest + MI left
- $435,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,129 | $155,129 | $287,129 |
| Second mortgage | — | $132,000 | — |
| First P&I | $947.52 | $947.52 | $1,988.02 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $135.62 | $135.62 | $57.43 |
| Taxes, insurance & HOA | $609.92 | $609.92 | $609.92 |
| Total housing payment | $1,693.06 | $2,661.63 | $2,655.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,871
Closing costs & prepaids$12,102
Usable credit−$0
Total buyer cash needed$44,973
Earnest money paid−$0
Remaining funds due$44,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$734.75
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$18.28
Prepaid interest, second (1 days)$28.93
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 closing20 yr 7 moOf the original 30-year loan at 4.300%
Interest already paid$70,731Through Nov 2026
Assumption only · ends Jun 2047$98,887
Assumption + second · ends Jun 2047, second Dec 2056$315,572
New conventional · ends Dec 2056$435,336