Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $83,636
- Funds due
- $93,395
- Interest + MI left
- $85,513
- First ends
- Oct 2049
Assumption
Assumption + second
$1,934/mo
+$491/mo- Down payment
- $22,636
- Funds due
- $33,660
- Interest + MI left
- $201,208
- First ends
- Oct 2049
New loan
New conventional
$1,996/mo
+$553/mo- Down payment
- $22,636
- Funds due
- $30,394
- Interest + MI left
- $299,237
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,364 | $136,364 | $197,364 |
| Second mortgage | — | $61,000 | — |
| First P&I | $739.81 | $739.81 | $1,366.51 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $113.15 | $113.15 | $39.47 |
| Taxes, insurance & HOA | $589.92 | $589.92 | $589.92 |
| Total housing payment | $1,442.88 | $1,933.70 | $1,995.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,636
Closing costs & prepaids$11,024
Usable credit−$0
Total buyer cash needed$33,660
Earnest money paid−$0
Remaining funds due$33,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$257.75
Initial HOA (3 months)$1,062.00
Prepaid interest, first (1 days)$14.01
Prepaid interest, second (1 days)$15.04
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 closing22 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$39,501Through Nov 2026
Assumption only · ends Oct 2049$85,513
Assumption + second · ends Oct 2049, second Dec 2056$201,208
New conventional · ends Dec 2056$299,237