Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,317/mo
Lowest payment- Down payment
- $163,670
- Funds due
- $173,803
- Interest + MI left
- $72,218
- First ends
- Oct 2047
Assumption
Assumption + second
$2,278/mo
+$961/mo- Down payment
- $32,670
- Funds due
- $44,311
- Interest + MI left
- $287,261
- First ends
- Oct 2047
New loan
New conventional
$2,351/mo
+$1,035/mo- Down payment
- $32,670
- Funds due
- $41,070
- Interest + MI left
- $419,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,230 | $156,230 | $287,230 |
| Second mortgage | — | $131,000 | — |
| First P&I | $839.60 | $839.60 | $1,945.80 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $129.02 | $129.02 | $57.45 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $1,316.62 | $2,277.86 | $2,351.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,670
Closing costs & prepaids$11,641
Usable credit−$0
Total buyer cash needed$44,311
Earnest money paid−$0
Remaining funds due$44,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$114.80
Prepaid interest, second (9 days)$258.41
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 26-year loan at 2.98%
Interest already paid$26,133Through Dec 2026
Assumption only · ends Oct 2047$72,218
Assumption + second · ends Oct 2047, second Jan 2057$287,261
New conventional · ends Jan 2057$419,920