Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,174/mo
Lowest payment- Down payment
- $54,676
- Funds due
- $65,107
- Interest + MI left
- $138,947
- First ends
- Apr 2047
Assumption
Assumption + second
$2,561/mo
+$387/mo- Down payment
- $16,676
- Funds due
- $28,469
- Interest + MI left
- $240,347
- First ends
- Apr 2047
New loan
New conventional
$2,544/mo
+$370/mo- Down payment
- $16,676
- Funds due
- $25,460
- Interest + MI left
- $452,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,324 | $270,324 | $308,324 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,534.74 | $1,534.74 | $2,088.69 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $245.44 | $245.44 | $61.66 |
| Taxes, insurance & HOA | $393.33 | $393.33 | $393.33 |
| Total housing payment | $2,173.51 | $2,560.73 | $2,543.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,676
Closing costs & prepaids$11,792
Usable credit−$0
Total buyer cash needed$28,469
Earnest money paid−$0
Remaining funds due$28,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$339.99
Prepaid interest, first (9 days)$225.96
Prepaid interest, second (9 days)$111.27
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 closing20 yr 4 moOf the original 30-year loan at 3.39%
Interest already paid$101,854Through Dec 2026
Assumption only · ends Apr 2047$138,947
Assumption + second · ends Apr 2047, second Jan 2057$240,347
New conventional · ends Jan 2057$452,424