Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $174,096
- Funds due
- $184,351
- Interest + MI left
- $126,190
- First ends
- Apr 2049
Assumption
Assumption + second
$2,520/mo
+$1,020/mo- Down payment
- $35,096
- Funds due
- $46,631
- Interest + MI left
- $354,366
- First ends
- Apr 2049
New loan
New conventional
$2,562/mo
+$1,062/mo- Down payment
- $35,096
- Funds due
- $43,242
- Interest + MI left
- $477,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,804 | $175,804 | $314,804 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,034.92 | $1,034.92 | $2,179.64 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $145.36 | $145.36 | $62.96 |
| Taxes, insurance & HOA | $319.67 | $319.67 | $319.67 |
| Total housing payment | $1,499.94 | $2,519.88 | $2,562.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,096
Closing costs & prepaids$11,535
Usable credit−$0
Total buyer cash needed$46,631
Earnest money paid−$0
Remaining funds due$46,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$398.00
Initial HOA (3 months)$111.00
Prepaid interest, first (1 days)$21.48
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 5 moOf the original 30-year loan at 4.460%
Interest already paid$64,767Through Nov 2026
Assumption only · ends Apr 2049$126,190
Assumption + second · ends Apr 2049, second Dec 2056$354,366
New conventional · ends Dec 2056$477,421