Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $74,190
- Funds due
- $83,757
- Interest + MI left
- $94,155
- First ends
- Mar 2049
Assumption
Assumption + second
$1,844/mo
+$426/mo- Down payment
- $21,190
- Funds due
- $32,125
- Interest + MI left
- $194,677
- First ends
- Mar 2049
New loan
New conventional
$1,814/mo
+$396/mo- Down payment
- $21,190
- Funds due
- $28,925
- Interest + MI left
- $268,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,810 | $130,810 | $183,810 |
| Second mortgage | — | $53,000 | — |
| First P&I | $777.02 | $777.02 | $1,245.19 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $108.50 | $108.50 | $36.76 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $1,417.52 | $1,843.97 | $1,813.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,190
Closing costs & prepaids$10,934
Usable credit−$0
Total buyer cash needed$32,125
Earnest money paid−$0
Remaining funds due$32,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$145.47
Prepaid interest, second (9 days)$117.62
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 3 moOf the original 30-year loan at 4.51%
Interest already paid$49,898Through Dec 2026
Assumption only · ends Mar 2049$94,155
Assumption + second · ends Mar 2049, second Jan 2057$194,677
New conventional · ends Jan 2057$268,687