Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $233,563
- Funds due
- $244,882
- Interest + MI left
- $147,259
- First ends
- Aug 2049
Assumption
Assumption + second
$3,123/mo
+$1,379/mo- Down payment
- $45,563
- Funds due
- $58,173
- Interest + MI left
- $455,871
- First ends
- Aug 2049
New loan
New conventional
$3,221/mo
+$1,477/mo- Down payment
- $45,563
- Funds due
- $54,683
- Interest + MI left
- $613,275
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,437 | $216,437 | $404,437 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,225.19 | $1,225.19 | $2,800.24 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $178.74 | $178.74 | $80.89 |
| Taxes, insurance & HOA | $339.67 | $339.67 | $339.67 |
| Total housing payment | $1,743.60 | $3,123.08 | $3,220.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,563
Closing costs & prepaids$12,610
Usable credit−$0
Total buyer cash needed$58,173
Earnest money paid−$0
Remaining funds due$58,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$554.25
Initial HOA (3 months)$14.76
Prepaid interest, first (1 days)$24.55
Prepaid interest, second (1 days)$41.21
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 9 moOf the original 30-year loan at 4.140%
Interest already paid$70,683Through Nov 2026
Assumption only · ends Aug 2049$147,259
Assumption + second · ends Aug 2049, second Dec 2056$455,871
New conventional · ends Dec 2056$613,275