Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $128,686
- Funds due
- $138,594
- Interest + MI left
- $114,873
- First ends
- Aug 2048
Assumption
Assumption + second
$2,263/mo
+$797/mo- Down payment
- $29,686
- Funds due
- $41,063
- Interest + MI left
- $302,640
- First ends
- Aug 2048
New loan
New conventional
$2,166/mo
+$700/mo- Down payment
- $29,686
- Funds due
- $37,775
- Interest + MI left
- $380,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,313 | $161,313 | $260,313 |
| Second mortgage | — | $99,000 | — |
| First P&I | $980.35 | $980.35 | $1,763.45 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $135.62 | $135.62 | $52.06 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,465.97 | $2,262.54 | $2,165.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,686
Closing costs & prepaids$11,377
Usable credit−$0
Total buyer cash needed$41,063
Earnest money paid−$0
Remaining funds due$41,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.99
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)$348.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$182.57
Prepaid interest, second (9 days)$219.70
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 8 moOf the original 30-year loan at 4.59%
Interest already paid$67,891Through Dec 2026
Assumption only · ends Aug 2048$114,873
Assumption + second · ends Aug 2048, second Jan 2057$302,640
New conventional · ends Jan 2057$380,569