Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $137,103
- Funds due
- $147,159
- Interest + MI left
- $99,214
- First ends
- Oct 2047
Assumption
Assumption + second
$2,265/mo
+$785/mo- Down payment
- $30,103
- Funds due
- $41,620
- Interest + MI left
- $274,860
- First ends
- Oct 2047
New loan
New conventional
$2,255/mo
+$776/mo- Down payment
- $30,103
- Funds due
- $38,374
- Interest + MI left
- $394,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,897 | $162,897 | $269,897 |
| Second mortgage | — | $107,000 | — |
| First P&I | $963.99 | $963.99 | $1,828.38 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $142.51 | $142.51 | $53.98 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $1,479.49 | $2,264.62 | $2,255.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,103
Closing costs & prepaids$11,517
Usable credit−$0
Total buyer cash needed$41,620
Earnest money paid−$0
Remaining funds due$41,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$161.87
Prepaid interest, second (9 days)$211.07
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 10 moOf the original 30-year loan at 4.03%
Interest already paid$67,748Through Dec 2026
Assumption only · ends Oct 2047$99,214
Assumption + second · ends Oct 2047, second Jan 2057$274,860
New conventional · ends Jan 2057$394,634