Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $144,655
- Funds due
- $154,886
- Interest + MI left
- $112,628
- First ends
- Oct 2049
Assumption
Assumption + second
$2,299/mo
+$822/mo- Down payment
- $32,655
- Funds due
- $44,357
- Interest + MI left
- $296,482
- First ends
- Oct 2049
New loan
New conventional
$2,385/mo
+$908/mo- Down payment
- $32,655
- Funds due
- $41,111
- Interest + MI left
- $427,311
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,245 | $180,245 | $292,245 |
| Second mortgage | — | $112,000 | — |
| First P&I | $980.14 | $980.14 | $1,979.77 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $149.91 | $149.91 | $58.45 |
| Taxes, insurance & HOA | $347.00 | $347.00 | $347.00 |
| Total housing payment | $1,477.05 | $2,298.87 | $2,385.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,655
Closing costs & prepaids$11,703
Usable credit−$0
Total buyer cash needed$44,357
Earnest money paid−$0
Remaining funds due$44,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$166.67
Prepaid interest, second (9 days)$220.93
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 10 moOf the original 30-year loan at 3.75%
Interest already paid$52,897Through Dec 2026
Assumption only · ends Oct 2049$112,628
Assumption + second · ends Oct 2049, second Jan 2057$296,482
New conventional · ends Jan 2057$427,311