Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $142,657
- Funds due
- $153,079
- Interest + MI left
- $134,746
- First ends
- Aug 2048
Assumption
Assumption + second
$2,537/mo
+$800/mo- Down payment
- $33,657
- Funds due
- $45,353
- Interest + MI left
- $313,675
- First ends
- Aug 2048
New loan
New conventional
$2,552/mo
+$815/mo- Down payment
- $33,657
- Funds due
- $41,979
- Interest + MI left
- $449,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,343 | $187,343 | $296,343 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,139.10 | $1,139.10 | $2,051.82 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $157.03 | $157.03 | $59.27 |
| Taxes, insurance & HOA | $441.09 | $441.09 | $441.09 |
| Total housing payment | $1,737.21 | $2,537.02 | $2,552.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,657
Closing costs & prepaids$11,696
Usable credit−$0
Total buyer cash needed$45,353
Earnest money paid−$0
Remaining funds due$45,353
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$814.25
Initial HOA (3 months)$59.01
Prepaid interest, first (1 days)$23.71
Prepaid interest, second (1 days)$23.89
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 9 moOf the original 30-year loan at 4.620%
Interest already paid$78,430Through Nov 2026
Assumption only · ends Aug 2048$134,746
Assumption + second · ends Aug 2048, second Dec 2056$313,675
New conventional · ends Dec 2056$449,365