Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $179,185
- Funds due
- $189,961
- Interest + MI left
- $134,795
- First ends
- Dec 2049
Assumption
Assumption + second
$2,705/mo
+$1,020/mo- Down payment
- $40,185
- Funds due
- $52,241
- Interest + MI left
- $362,970
- First ends
- Dec 2049
New loan
New conventional
$2,889/mo
+$1,204/mo- Down payment
- $40,185
- Funds due
- $48,810
- Interest + MI left
- $545,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,715 | $220,715 | $359,715 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,175.51 | $1,175.51 | $2,490.59 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $182.92 | $182.92 | $71.94 |
| Taxes, insurance & HOA | $326.50 | $326.50 | $326.50 |
| Total housing payment | $1,684.93 | $2,704.86 | $2,889.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,185
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$52,241
Earnest money paid−$0
Remaining funds due$52,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$376.50
Initial HOA (3 months)$153.00
Prepaid interest, first (1 days)$21.83
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 closing23 yr 1 moOf the original 30-year loan at 3.610%
Interest already paid$60,046Through Nov 2026
Assumption only · ends Dec 2049$134,795
Assumption + second · ends Dec 2049, second Dec 2056$362,970
New conventional · ends Dec 2056$545,532