Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,297/mo
Lowest payment- Down payment
- $186,702
- Funds due
- $196,804
- Interest + MI left
- $103,178
- First ends
- Jun 2049
Assumption
Assumption + second
$2,419/mo
+$1,123/mo- Down payment
- $33,702
- Funds due
- $45,088
- Interest + MI left
- $354,335
- First ends
- Jun 2049
New loan
New conventional
$2,466/mo
+$1,169/mo- Down payment
- $33,702
- Funds due
- $41,711
- Interest + MI left
- $456,787
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,198 | $148,198 | $301,198 |
| Second mortgage | — | $153,000 | — |
| First P&I | $853.97 | $853.97 | $2,085.43 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $122.52 | $122.52 | $60.24 |
| Taxes, insurance & HOA | $320.33 | $320.33 | $320.33 |
| Total housing payment | $1,296.83 | $2,419.49 | $2,466.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,702
Closing costs & prepaids$11,386
Usable credit−$0
Total buyer cash needed$45,088
Earnest money paid−$0
Remaining funds due$45,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$310.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$17.38
Prepaid interest, second (1 days)$33.53
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 7 moOf the original 30-year loan at 4.280%
Interest already paid$51,227Through Nov 2026
Assumption only · ends Jun 2049$103,178
Assumption + second · ends Jun 2049, second Dec 2056$354,335
New conventional · ends Dec 2056$456,787