Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $108,220
- Funds due
- $117,669
- Interest + MI left
- $90,636
- First ends
- Jul 2048
Assumption
Assumption + second
$1,995/mo
+$676/mo- Down payment
- $24,220
- Funds due
- $34,939
- Interest + MI left
- $249,954
- First ends
- Jul 2048
New loan
New conventional
$1,956/mo
+$637/mo- Down payment
- $24,220
- Funds due
- $31,654
- Interest + MI left
- $327,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,780 | $131,780 | $215,780 |
| Second mortgage | — | $84,000 | — |
| First P&I | $788.56 | $788.56 | $1,494.02 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $111.28 | $111.28 | $43.16 |
| Taxes, insurance & HOA | $419.17 | $419.17 | $419.17 |
| Total housing payment | $1,319.01 | $1,994.90 | $1,956.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,220
Closing costs & prepaids$10,719
Usable credit−$0
Total buyer cash needed$34,939
Earnest money paid−$0
Remaining funds due$34,939
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$607.50
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$15.96
Prepaid interest, second (1 days)$20.71
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 8 moOf the original 30-year loan at 4.420%
Interest already paid$53,534Through Nov 2026
Assumption only · ends Jul 2048$90,636
Assumption + second · ends Jul 2048, second Dec 2056$249,954
New conventional · ends Dec 2056$327,245