Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,327/mo
Lowest payment- Down payment
- $141,299
- Funds due
- $151,211
- Interest + MI left
- $98,749
- First ends
- Sep 2049
Assumption
Assumption + second
$2,142/mo
+$814/mo- Down payment
- $30,299
- Funds due
- $41,680
- Interest + MI left
- $280,962
- First ends
- Sep 2049
New loan
New conventional
$2,211/mo
+$884/mo- Down payment
- $30,299
- Funds due
- $38,439
- Interest + MI left
- $394,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,601 | $158,601 | $269,601 |
| Second mortgage | — | $111,000 | — |
| First P&I | $864.44 | $864.44 | $1,826.37 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $132.22 | $132.22 | $53.92 |
| Taxes, insurance & HOA | $330.67 | $330.67 | $330.67 |
| Total housing payment | $1,327.33 | $2,141.81 | $2,210.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,299
Closing costs & prepaids$11,382
Usable credit−$0
Total buyer cash needed$41,680
Earnest money paid−$0
Remaining funds due$41,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$182.01
Prepaid interest, first (9 days)$146.65
Prepaid interest, second (9 days)$218.96
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 9 moOf the original 30-year loan at 3.75%
Interest already paid$47,150Through Dec 2026
Assumption only · ends Sep 2049$98,749
Assumption + second · ends Sep 2049, second Jan 2057$280,962
New conventional · ends Jan 2057$394,201