Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $178,909
- Funds due
- $189,039
- Interest + MI left
- $114,916
- First ends
- Sep 2048
Assumption
Assumption + second
$2,475/mo
+$1,057/mo- Down payment
- $34,909
- Funds due
- $46,321
- Interest + MI left
- $351,299
- First ends
- Sep 2048
New loan
New conventional
$2,485/mo
+$1,067/mo- Down payment
- $34,909
- Funds due
- $42,932
- Interest + MI left
- $462,569
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,091 | $161,091 | $305,091 |
| Second mortgage | — | $144,000 | — |
| First P&I | $971.97 | $971.97 | $2,112.39 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $134.93 | $134.93 | $61.02 |
| Taxes, insurance & HOA | $311.67 | $311.67 | $311.67 |
| Total housing payment | $1,418.56 | $2,475.19 | $2,485.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,909
Closing costs & prepaids$11,412
Usable credit−$0
Total buyer cash needed$46,321
Earnest money paid−$0
Remaining funds due$46,321
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$330.00
Initial HOA (3 months)$155.01
Prepaid interest, first (1 days)$20.13
Prepaid interest, second (1 days)$31.56
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 closing21 yr 10 moOf the original 30-year loan at 4.560%
Interest already paid$65,858Through Nov 2026
Assumption only · ends Sep 2048$114,916
Assumption + second · ends Sep 2048, second Dec 2056$351,299
New conventional · ends Dec 2056$462,569