Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $53,908
- Funds due
- $64,522
- Interest + MI left
- $139,862
- First ends
- Apr 2047
Assumption
Assumption + second
$2,670/mo
+$377/mo- Down payment
- $16,908
- Funds due
- $28,796
- Interest + MI left
- $238,593
- First ends
- Apr 2047
New loan
New conventional
$2,708/mo
+$415/mo- Down payment
- $16,908
- Funds due
- $25,628
- Interest + MI left
- $468,844
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,092 | $271,092 | $308,092 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,534.74 | $1,534.74 | $2,133.17 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $245.44 | $245.44 | $61.62 |
| Taxes, insurance & HOA | $512.91 | $512.91 | $512.91 |
| Total housing payment | $2,293.09 | $2,670.12 | $2,707.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,908
Closing costs & prepaids$11,888
Usable credit−$0
Total buyer cash needed$28,796
Earnest money paid−$0
Remaining funds due$28,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$748.75
Initial HOA (3 months)$339.99
Prepaid interest, first (2 days)$50.36
Prepaid interest, second (2 days)$24.08
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 closing20 yr 5 moOf the original 30-year loan at 3.390%
Interest already paid$101,088Through Nov 2026
Assumption only · ends Apr 2047$139,862
Assumption + second · ends Apr 2047, second Dec 2056$238,593
New conventional · ends Dec 2056$468,844