Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,510/mo
Lowest payment- Down payment
- $129,126
- Funds due
- $139,347
- Interest + MI left
- $100,379
- First ends
- Apr 2049
Assumption
Assumption + second
$2,258/mo
+$748/mo- Down payment
- $27,126
- Funds due
- $38,642
- Interest + MI left
- $267,818
- First ends
- Apr 2049
New loan
New conventional
$2,282/mo
+$772/mo- Down payment
- $27,126
- Funds due
- $35,338
- Interest + MI left
- $360,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,874 | $135,874 | $237,874 |
| Second mortgage | — | $102,000 | — |
| First P&I | $810.40 | $810.40 | $1,646.99 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $111.98 | $111.98 | $47.57 |
| Taxes, insurance & HOA | $587.25 | $587.25 | $587.25 |
| Total housing payment | $1,509.63 | $2,258.07 | $2,281.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,126
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$38,642
Earnest money paid−$0
Remaining funds due$38,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$496.75
Initial HOA (3 months)$815.01
Prepaid interest, first (2 days)$34.25
Prepaid interest, second (2 days)$44.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 4.600%
Interest already paid$51,538Through Nov 2026
Assumption only · ends Apr 2049$100,379
Assumption + second · ends Apr 2049, second Dec 2056$267,818
New conventional · ends Dec 2056$360,704