Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $115,947
- Funds due
- $125,191
- Interest + MI left
- $51,261
- First ends
- Jul 2048
Assumption
Assumption + second
$1,777/mo
+$772/mo- Down payment
- $19,947
- Funds due
- $30,654
- Interest + MI left
- $233,338
- First ends
- Jul 2048
New loan
New conventional
$1,682/mo
+$677/mo- Down payment
- $19,947
- Funds due
- $27,412
- Interest + MI left
- $248,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,053 | $74,053 | $170,053 |
| Second mortgage | — | $96,000 | — |
| First P&I | $446.18 | $446.18 | $1,152.00 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $62.59 | $62.59 | $34.01 |
| Taxes, insurance & HOA | $496.00 | $496.00 | $496.00 |
| Total housing payment | $1,004.77 | $1,777.21 | $1,682.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,947
Closing costs & prepaids$10,708
Usable credit−$0
Total buyer cash needed$30,654
Earnest money paid−$0
Remaining funds due$30,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$228.00
Initial HOA (3 months)$810.00
Prepaid interest, first (9 days)$81.62
Prepaid interest, second (9 days)$213.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 4.47%
Interest already paid$30,748Through Dec 2026
Assumption only · ends Jul 2048$51,261
Assumption + second · ends Jul 2048, second Jan 2057$233,338
New conventional · ends Jan 2057$248,544