Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,481/mo
Lowest payment- Down payment
- $157,162
- Funds due
- $167,320
- Interest + MI left
- $118,348
- First ends
- Oct 2049
Assumption
Assumption + second
$2,376/mo
+$895/mo- Down payment
- $35,162
- Funds due
- $46,596
- Interest + MI left
- $318,618
- First ends
- Oct 2049
New loan
New conventional
$2,512/mo
+$1,030/mo- Down payment
- $35,162
- Funds due
- $43,211
- Interest + MI left
- $469,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,838 | $187,838 | $309,838 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,021.08 | $1,021.08 | $2,145.26 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $155.79 | $155.79 | $61.97 |
| Taxes, insurance & HOA | $304.34 | $304.34 | $304.34 |
| Total housing payment | $1,481.21 | $2,376.41 | $2,511.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,162
Closing costs & prepaids$11,434
Usable credit−$0
Total buyer cash needed$46,596
Earnest money paid−$0
Remaining funds due$46,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$254.00
Initial HOA (3 months)$209.01
Prepaid interest, first (1 days)$19.40
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 11 moOf the original 30-year loan at 3.770%
Interest already paid$54,688Through Nov 2026
Assumption only · ends Oct 2049$118,348
Assumption + second · ends Oct 2049, second Dec 2056$318,618
New conventional · ends Dec 2056$469,828