Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $182,027
- Funds due
- $192,304
- Interest + MI left
- $102,568
- First ends
- Jun 2049
Assumption
Assumption + second
$2,419/mo
+$1,093/mo- Down payment
- $33,027
- Funds due
- $44,848
- Interest + MI left
- $347,160
- First ends
- Jun 2049
New loan
New conventional
$2,419/mo
+$1,094/mo- Down payment
- $33,027
- Funds due
- $41,543
- Interest + MI left
- $434,077
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,873 | $147,873 | $296,873 |
| Second mortgage | — | $149,000 | — |
| First P&I | $853.97 | $853.97 | $2,011.12 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $122.52 | $122.52 | $59.37 |
| Taxes, insurance & HOA | $349.00 | $349.00 | $349.00 |
| Total housing payment | $1,325.50 | $2,418.81 | $2,419.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,027
Closing costs & prepaids$11,821
Usable credit−$0
Total buyer cash needed$44,848
Earnest money paid−$0
Remaining funds due$44,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$156.06
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 closing22 yr 6 moOf the original 30-year loan at 4.28%
Interest already paid$51,756Through Dec 2026
Assumption only · ends Jun 2049$102,568
Assumption + second · ends Jun 2049, second Jan 2057$347,160
New conventional · ends Jan 2057$434,077