Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,356/mo
Lowest payment- Down payment
- $183,220
- Funds due
- $193,569
- Interest + MI left
- $72,688
- First ends
- Oct 2047
Assumption
Assumption + second
$2,450/mo
+$1,093/mo- Down payment
- $34,220
- Funds due
- $45,852
- Interest + MI left
- $317,279
- First ends
- Oct 2047
New loan
New conventional
$2,565/mo
+$1,209/mo- Down payment
- $34,220
- Funds due
- $42,477
- Interest + MI left
- $463,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,680 | $156,680 | $305,680 |
| Second mortgage | — | $149,000 | — |
| First P&I | $839.60 | $839.60 | $2,116.47 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $129.02 | $129.02 | $61.14 |
| Taxes, insurance & HOA | $387.67 | $387.67 | $387.67 |
| Total housing payment | $1,356.29 | $2,449.60 | $2,565.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,220
Closing costs & prepaids$11,632
Usable credit−$0
Total buyer cash needed$45,852
Earnest money paid−$0
Remaining funds due$45,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$503.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$12.79
Prepaid interest, second (1 days)$32.66
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 closing20 yr 11 moOf the original 26-year loan at 2.980%
Interest already paid$25,744Through Nov 2026
Assumption only · ends Oct 2047$72,688
Assumption + second · ends Oct 2047, second Dec 2056$317,279
New conventional · ends Dec 2056$463,584