Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $174,703
- Funds due
- $184,938
- Interest + MI left
- $119,845
- First ends
- Aug 2048
Assumption
Assumption + second
$2,521/mo
+$1,027/mo- Down payment
- $34,703
- Funds due
- $46,219
- Interest + MI left
- $349,662
- First ends
- Aug 2048
New loan
New conventional
$2,521/mo
+$1,028/mo- Down payment
- $34,703
- Funds due
- $42,832
- Interest + MI left
- $462,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,295 | $165,295 | $305,295 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,008.70 | $1,008.70 | $2,113.80 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $138.40 | $138.40 | $61.06 |
| Taxes, insurance & HOA | $346.25 | $346.25 | $346.25 |
| Total housing payment | $1,493.35 | $2,520.62 | $2,521.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,703
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$46,219
Earnest money paid−$0
Remaining funds due$46,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.98
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)$275.75
Initial HOA (3 months)$312.99
Prepaid interest, first (1 days)$21.10
Prepaid interest, second (1 days)$30.68
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 9 moOf the original 30-year loan at 4.660%
Interest already paid$69,761Through Nov 2026
Assumption only · ends Aug 2048$119,845
Assumption + second · ends Aug 2048, second Dec 2056$349,662
New conventional · ends Dec 2056$462,939