Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,554/mo
Lowest payment- Down payment
- $157,876
- Funds due
- $168,357
- Interest + MI left
- $121,031
- First ends
- Sep 2049
Assumption
Assumption + second
$2,449/mo
+$895/mo- Down payment
- $35,876
- Funds due
- $47,847
- Interest + MI left
- $321,300
- First ends
- Sep 2049
New loan
New conventional
$2,533/mo
+$979/mo- Down payment
- $35,876
- Funds due
- $44,574
- Interest + MI left
- $459,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,124 | $192,124 | $314,124 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,052.29 | $1,052.29 | $2,127.99 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $159.97 | $159.97 | $62.82 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $1,554.26 | $2,449.45 | $2,532.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,876
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$47,847
Earnest money paid−$0
Remaining funds due$47,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$180.02
Prepaid interest, second (9 days)$240.66
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 closing22 yr 9 moOf the original 30-year loan at 3.8%
Interest already paid$57,840Through Dec 2026
Assumption only · ends Sep 2049$121,031
Assumption + second · ends Sep 2049, second Jan 2057$321,300
New conventional · ends Jan 2057$459,238