Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,990/mo
Lowest payment- Down payment
- $149,987
- Funds due
- $161,125
- Interest + MI left
- $164,627
- First ends
- Jun 2049
Assumption
Assumption + second
$2,797/mo
+$807/mo- Down payment
- $39,987
- Funds due
- $52,592
- Interest + MI left
- $345,198
- First ends
- Jun 2049
New loan
New conventional
$2,878/mo
+$888/mo- Down payment
- $39,987
- Funds due
- $49,311
- Interest + MI left
- $524,936
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,013 | $249,013 | $359,013 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,408.24 | $1,408.24 | $2,432.08 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $207.43 | $207.43 | $71.80 |
| Taxes, insurance & HOA | $374.58 | $374.58 | $374.58 |
| Total housing payment | $1,990.25 | $2,797.39 | $2,878.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,987
Closing costs & prepaids$12,605
Usable credit−$0
Total buyer cash needed$52,592
Earnest money paid−$0
Remaining funds due$52,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$249.29
Prepaid interest, second (9 days)$216.99
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 6 moOf the original 30-year loan at 4.06%
Interest already paid$82,910Through Dec 2026
Assumption only · ends Jun 2049$164,627
Assumption + second · ends Jun 2049, second Jan 2057$345,198
New conventional · ends Jan 2057$524,936