Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $168,737
- Funds due
- $179,448
- Interest + MI left
- $129,108
- First ends
- Jul 2049
Assumption
Assumption + second
$2,595/mo
+$969/mo- Down payment
- $36,737
- Funds due
- $48,958
- Interest + MI left
- $345,793
- First ends
- Jul 2049
New loan
New conventional
$2,635/mo
+$1,008/mo- Down payment
- $36,737
- Funds due
- $45,658
- Interest + MI left
- $472,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,163 | $191,163 | $323,163 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,086.94 | $1,086.94 | $2,189.22 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $158.57 | $158.57 | $64.63 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $1,626.18 | $2,594.75 | $2,634.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,737
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$48,958
Earnest money paid−$0
Remaining funds due$48,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$260.01
Prepaid interest, first (9 days)$195.14
Prepaid interest, second (9 days)$260.38
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 7 moOf the original 30-year loan at 4.14%
Interest already paid$64,030Through Dec 2026
Assumption only · ends Jul 2049$129,108
Assumption + second · ends Jul 2049, second Jan 2057$345,793
New conventional · ends Jan 2057$472,453