Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $170,701
- Funds due
- $182,377
- Interest + MI left
- $181,205
- First ends
- Jul 2049
Assumption
Assumption + second
$3,085/mo
+$925/mo- Down payment
- $44,701
- Funds due
- $57,876
- Interest + MI left
- $388,040
- First ends
- Jul 2049
New loan
New conventional
$3,163/mo
+$1,002/mo- Down payment
- $44,701
- Funds due
- $54,555
- Interest + MI left
- $576,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,299 | $268,299 | $394,299 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,525.53 | $1,525.53 | $2,671.12 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $222.56 | $222.56 | $78.86 |
| Taxes, insurance & HOA | $412.58 | $412.58 | $412.58 |
| Total housing payment | $2,160.67 | $3,085.22 | $3,162.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,701
Closing costs & prepaids$13,175
Usable credit−$0
Total buyer cash needed$57,876
Earnest money paid−$0
Remaining funds due$57,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$273.89
Prepaid interest, second (9 days)$248.55
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$89,867Through Dec 2026
Assumption only · ends Jul 2049$181,205
Assumption + second · ends Jul 2049, second Jan 2057$388,040
New conventional · ends Jan 2057$576,451