Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,304/mo
Lowest payment- Down payment
- $191,067
- Funds due
- $201,330
- Interest + MI left
- $82,900
- First ends
- Dec 2048
Assumption
Assumption + second
$2,434/mo
+$1,130/mo- Down payment
- $37,067
- Funds due
- $48,614
- Interest + MI left
- $335,699
- First ends
- Dec 2048
New loan
New conventional
$2,611/mo
+$1,307/mo- Down payment
- $37,067
- Funds due
- $45,212
- Interest + MI left
- $497,267
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,933 | $173,933 | $327,933 |
| Second mortgage | — | $154,000 | — |
| First P&I | $887.81 | $887.81 | $2,270.54 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $141.51 | $141.51 | $65.59 |
| Taxes, insurance & HOA | $274.83 | $274.83 | $274.83 |
| Total housing payment | $1,304.15 | $2,434.15 | $2,610.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,067
Closing costs & prepaids$11,547
Usable credit−$0
Total buyer cash needed$48,614
Earnest money paid−$0
Remaining funds due$48,614
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$260.50
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$13.72
Prepaid interest, second (1 days)$33.75
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 2.880%
Interest already paid$26,533Through Nov 2026
Assumption only · ends Dec 2048$82,900
Assumption + second · ends Dec 2048, second Dec 2056$335,699
New conventional · ends Dec 2056$497,267