Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $142,559
- Funds due
- $152,689
- Interest + MI left
- $105,861
- First ends
- Sep 2049
Assumption
Assumption + second
$2,275/mo
+$814/mo- Down payment
- $31,559
- Funds due
- $42,988
- Interest + MI left
- $288,073
- First ends
- Sep 2049
New loan
New conventional
$2,390/mo
+$929/mo- Down payment
- $31,559
- Funds due
- $39,652
- Interest + MI left
- $422,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,441 | $167,441 | $278,441 |
| Second mortgage | — | $111,000 | — |
| First P&I | $914.99 | $914.99 | $1,927.87 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $139.09 | $139.09 | $55.69 |
| Taxes, insurance & HOA | $406.75 | $406.75 | $406.75 |
| Total housing payment | $1,460.83 | $2,275.31 | $2,390.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,559
Closing costs & prepaids$11,429
Usable credit−$0
Total buyer cash needed$42,988
Earnest money paid−$0
Remaining funds due$42,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$470.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$34.86
Prepaid interest, second (2 days)$48.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.800%
Interest already paid$49,763Through Nov 2026
Assumption only · ends Sep 2049$105,861
Assumption + second · ends Sep 2049, second Dec 2056$288,073
New conventional · ends Dec 2056$422,219