Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $197,493
- Funds due
- $207,892
- Interest + MI left
- $80,320
- First ends
- Dec 2048
Assumption
Assumption + second
$2,490/mo
+$1,181/mo- Down payment
- $36,493
- Funds due
- $48,178
- Interest + MI left
- $344,610
- First ends
- Dec 2048
New loan
New conventional
$2,641/mo
+$1,332/mo- Down payment
- $36,493
- Funds due
- $44,779
- Interest + MI left
- $490,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,497 | $162,497 | $323,497 |
| Second mortgage | — | $161,000 | — |
| First P&I | $840.15 | $840.15 | $2,239.83 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $131.89 | $131.89 | $64.70 |
| Taxes, insurance & HOA | $336.92 | $336.92 | $336.92 |
| Total housing payment | $1,308.95 | $2,490.31 | $2,641.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,493
Closing costs & prepaids$11,684
Usable credit−$0
Total buyer cash needed$48,178
Earnest money paid−$0
Remaining funds due$48,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$335.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$13.40
Prepaid interest, second (1 days)$35.29
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 1 moOf the original 27-year loan at 3.010%
Interest already paid$25,874Through Nov 2026
Assumption only · ends Dec 2048$80,320
Assumption + second · ends Dec 2048, second Dec 2056$344,610
New conventional · ends Dec 2056$490,540