Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,377/mo
Lowest payment- Down payment
- $137,250
- Funds due
- $147,292
- Interest + MI left
- $77,760
- First ends
- Jun 2047
Assumption
Assumption + second
$2,184/mo
+$807/mo- Down payment
- $27,250
- Funds due
- $38,759
- Interest + MI left
- $258,330
- First ends
- Jun 2047
New loan
New conventional
$2,154/mo
+$777/mo- Down payment
- $27,250
- Funds due
- $35,511
- Interest + MI left
- $347,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,749 | $127,749 | $237,749 |
| Second mortgage | — | $110,000 | — |
| First P&I | $768.60 | $768.60 | $1,610.59 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $112.67 | $112.67 | $47.55 |
| Taxes, insurance & HOA | $496.00 | $496.00 | $496.00 |
| Total housing payment | $1,377.27 | $2,184.41 | $2,154.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,250
Closing costs & prepaids$11,509
Usable credit−$0
Total buyer cash needed$38,759
Earnest money paid−$0
Remaining funds due$38,759
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.99
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)$318.00
Initial HOA (3 months)$720.00
Prepaid interest, first (9 days)$129.15
Prepaid interest, second (9 days)$216.99
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$56,305Through Dec 2026
Assumption only · ends Jun 2047$77,760
Assumption + second · ends Jun 2047, second Jan 2057$258,330
New conventional · ends Jan 2057$347,581