Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $210,498
- Funds due
- $221,815
- Interest + MI left
- $162,285
- First ends
- Jul 2049
Assumption
Assumption + second
$3,106/mo
+$1,211/mo- Down payment
- $45,498
- Funds due
- $58,101
- Interest + MI left
- $433,141
- First ends
- Jul 2049
New loan
New conventional
$3,219/mo
+$1,325/mo- Down payment
- $45,498
- Funds due
- $54,615
- Interest + MI left
- $613,222
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,402 | $239,402 | $404,402 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,358.19 | $1,358.19 | $2,800.00 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $198.15 | $198.15 | $80.88 |
| Taxes, insurance & HOA | $338.59 | $338.59 | $338.59 |
| Total housing payment | $1,894.93 | $3,105.64 | $3,219.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,498
Closing costs & prepaids$12,603
Usable credit−$0
Total buyer cash needed$58,101
Earnest money paid−$0
Remaining funds due$58,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$395.75
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$27.15
Prepaid interest, second (1 days)$36.16
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$79,184Through Nov 2026
Assumption only · ends Jul 2049$162,285
Assumption + second · ends Jul 2049, second Dec 2056$433,141
New conventional · ends Dec 2056$613,222