Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,606/mo
Lowest payment- Down payment
- $157,433
- Funds due
- $167,909
- Interest + MI left
- $121,746
- First ends
- Sep 2049
Assumption
Assumption + second
$2,501/mo
+$895/mo- Down payment
- $35,433
- Funds due
- $47,185
- Interest + MI left
- $322,016
- First ends
- Sep 2049
New loan
New conventional
$2,634/mo
+$1,029/mo- Down payment
- $35,433
- Funds due
- $43,798
- Interest + MI left
- $476,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,567 | $192,567 | $314,567 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,052.29 | $1,052.29 | $2,178.00 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $159.97 | $159.97 | $62.91 |
| Taxes, insurance & HOA | $393.50 | $393.50 | $393.50 |
| Total housing payment | $1,605.76 | $2,500.95 | $2,634.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,433
Closing costs & prepaids$11,752
Usable credit−$0
Total buyer cash needed$47,185
Earnest money paid−$0
Remaining funds due$47,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$574.50
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$20.05
Prepaid interest, second (1 days)$26.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$57,230Through Nov 2026
Assumption only · ends Sep 2049$121,746
Assumption + second · ends Sep 2049, second Dec 2056$322,016
New conventional · ends Dec 2056$476,999