Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $171,618
- Funds due
- $182,330
- Interest + MI left
- $130,613
- First ends
- Oct 2049
Assumption
Assumption + second
$2,651/mo
+$976/mo- Down payment
- $38,618
- Funds due
- $50,609
- Interest + MI left
- $348,940
- First ends
- Oct 2049
New loan
New conventional
$2,804/mo
+$1,128/mo- Down payment
- $38,618
- Funds due
- $47,192
- Interest + MI left
- $517,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,282 | $208,282 | $341,282 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,129.99 | $1,129.99 | $2,362.97 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $172.83 | $172.83 | $68.26 |
| Taxes, insurance & HOA | $372.41 | $372.41 | $372.41 |
| Total housing payment | $1,675.24 | $2,651.14 | $2,803.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,618
Closing costs & prepaids$11,992
Usable credit−$0
Total buyer cash needed$50,609
Earnest money paid−$0
Remaining funds due$50,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$510.25
Initial HOA (3 months)$156.99
Prepaid interest, first (1 days)$21.40
Prepaid interest, second (1 days)$29.15
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 11 moOf the original 30-year loan at 3.750%
Interest already paid$60,334Through Nov 2026
Assumption only · ends Oct 2049$130,613
Assumption + second · ends Oct 2049, second Dec 2056$348,940
New conventional · ends Dec 2056$517,509