Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,281/mo
Lowest payment- Down payment
- $232,342
- Funds due
- $243,089
- Interest + MI left
- $87,335
- First ends
- Dec 2049
Assumption
Assumption + second
$2,705/mo
+$1,424/mo- Down payment
- $38,342
- Funds due
- $50,382
- Interest + MI left
- $405,796
- First ends
- Dec 2049
New loan
New conventional
$2,801/mo
+$1,520/mo- Down payment
- $38,342
- Funds due
- $46,960
- Interest + MI left
- $510,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,658 | $142,658 | $336,658 |
| Second mortgage | — | $194,000 | — |
| First P&I | $760.54 | $760.54 | $2,330.95 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $118.20 | $118.20 | $67.33 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $1,281.41 | $2,704.91 | $2,800.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,342
Closing costs & prepaids$12,040
Usable credit−$0
Total buyer cash needed$50,382
Earnest money paid−$0
Remaining funds due$50,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$443.00
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$14.15
Prepaid interest, second (1 days)$42.52
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 closing23 yr 1 moOf the original 30-year loan at 3.620%
Interest already paid$38,913Through Nov 2026
Assumption only · ends Dec 2049$87,335
Assumption + second · ends Dec 2049, second Dec 2056$405,796
New conventional · ends Dec 2056$510,497