Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,898/mo
Lowest payment- Down payment
- $181,759
- Funds due
- $192,809
- Interest + MI left
- $161,431
- First ends
- Jul 2049
Assumption
Assumption + second
$2,918/mo
+$1,020/mo- Down payment
- $42,759
- Funds due
- $55,090
- Interest + MI left
- $389,606
- First ends
- Jul 2049
New loan
New conventional
$3,037/mo
+$1,139/mo- Down payment
- $42,759
- Funds due
- $51,632
- Interest + MI left
- $571,884
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,141 | $238,141 | $377,141 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,351.04 | $1,351.04 | $2,611.25 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $197.11 | $197.11 | $75.43 |
| Taxes, insurance & HOA | $349.92 | $349.92 | $349.92 |
| Total housing payment | $1,898.06 | $2,918.00 | $3,036.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,759
Closing costs & prepaids$12,331
Usable credit−$0
Total buyer cash needed$55,090
Earnest money paid−$0
Remaining funds due$55,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$404.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$27.01
Prepaid interest, second (1 days)$30.47
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 8 moOf the original 30-year loan at 4.140%
Interest already paid$78,767Through Nov 2026
Assumption only · ends Jul 2049$161,431
Assumption + second · ends Jul 2049, second Dec 2056$389,606
New conventional · ends Dec 2056$571,884