Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $168,554
- Funds due
- $178,747
- Interest + MI left
- $87,381
- First ends
- Dec 2047
Assumption
Assumption + second
$2,399/mo
+$1,005/mo- Down payment
- $31,554
- Funds due
- $43,027
- Interest + MI left
- $312,274
- First ends
- Dec 2047
New loan
New conventional
$2,435/mo
+$1,041/mo- Down payment
- $31,554
- Funds due
- $39,673
- Interest + MI left
- $429,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,946 | $145,946 | $282,946 |
| Second mortgage | — | $137,000 | — |
| First P&I | $847.05 | $847.05 | $1,959.06 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $127.21 | $127.21 | $56.59 |
| Taxes, insurance & HOA | $419.08 | $419.08 | $419.08 |
| Total housing payment | $1,393.34 | $2,398.60 | $2,434.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,554
Closing costs & prepaids$11,473
Usable credit−$0
Total buyer cash needed$43,027
Earnest money paid−$0
Remaining funds due$43,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,145.00
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)$513.25
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$15.59
Prepaid interest, second (1 days)$30.03
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 closing21 yr 1 moOf the original 30-year loan at 3.900%
Interest already paid$56,994Through Nov 2026
Assumption only · ends Dec 2047$87,381
Assumption + second · ends Dec 2047, second Dec 2056$312,274
New conventional · ends Dec 2056$429,107