Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,501/mo
Lowest payment- Down payment
- $184,478
- Funds due
- $194,997
- Interest + MI left
- $100,751
- First ends
- Jun 2047
Assumption
Assumption + second
$2,594/mo
+$1,093/mo- Down payment
- $35,478
- Funds due
- $47,541
- Interest + MI left
- $345,343
- First ends
- Jun 2047
New loan
New conventional
$2,553/mo
+$1,052/mo- Down payment
- $35,478
- Funds due
- $44,232
- Interest + MI left
- $459,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,522 | $165,522 | $314,522 |
| Second mortgage | — | $149,000 | — |
| First P&I | $995.86 | $995.86 | $2,130.68 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $145.99 | $145.99 | $62.90 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $1,500.84 | $2,594.15 | $2,552.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,478
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$47,541
Earnest money paid−$0
Remaining funds due$47,541
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)$207.00
Prepaid interest, first (9 days)$167.34
Prepaid interest, second (9 days)$293.92
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 6 moOf the original 30-year loan at 4.1%
Interest already paid$72,953Through Dec 2026
Assumption only · ends Jun 2047$100,751
Assumption + second · ends Jun 2047, second Jan 2057$345,343
New conventional · ends Jan 2057$459,883