Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $184,049
- Funds due
- $194,710
- Interest + MI left
- $101,412
- First ends
- Jun 2047
Assumption
Assumption + second
$2,691/mo
+$1,093/mo- Down payment
- $35,049
- Funds due
- $46,993
- Interest + MI left
- $346,003
- First ends
- Jun 2047
New loan
New conventional
$2,699/mo
+$1,102/mo- Down payment
- $35,049
- Funds due
- $43,605
- Interest + MI left
- $477,644
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,951 | $165,951 | $314,951 |
| Second mortgage | — | $149,000 | — |
| First P&I | $995.86 | $995.86 | $2,180.66 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $145.99 | $145.99 | $62.99 |
| Taxes, insurance & HOA | $455.75 | $455.75 | $455.75 |
| Total housing payment | $1,597.59 | $2,690.90 | $2,699.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,049
Closing costs & prepaids$11,944
Usable credit−$0
Total buyer cash needed$46,993
Earnest money paid−$0
Remaining funds due$46,993
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$710.25
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$18.64
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 7 moOf the original 30-year loan at 4.100%
Interest already paid$72,386Through Nov 2026
Assumption only · ends Jun 2047$101,412
Assumption + second · ends Jun 2047, second Dec 2056$346,003
New conventional · ends Dec 2056$477,644