Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,369/mo
Lowest payment- Down payment
- $223,527
- Funds due
- $234,160
- Interest + MI left
- $92,391
- First ends
- Feb 2048
Assumption
Assumption + second
$2,727/mo
+$1,357/mo- Down payment
- $38,527
- Funds due
- $50,491
- Interest + MI left
- $396,078
- First ends
- Feb 2048
New loan
New conventional
$2,759/mo
+$1,390/mo- Down payment
- $38,527
- Funds due
- $47,078
- Interest + MI left
- $511,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,473 | $152,473 | $337,473 |
| Second mortgage | — | $185,000 | — |
| First P&I | $882.07 | $882.07 | $2,336.59 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $132.15 | $132.15 | $67.49 |
| Taxes, insurance & HOA | $354.92 | $354.92 | $354.92 |
| Total housing payment | $1,369.14 | $2,726.60 | $2,759.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,527
Closing costs & prepaids$11,964
Usable credit−$0
Total buyer cash needed$50,491
Earnest money paid−$0
Remaining funds due$50,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,760.00
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)$416.75
Initial HOA (3 months)$198.00
Prepaid interest, first (2 days)$32.75
Prepaid interest, second (2 days)$81.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 3.920%
Interest already paid$58,532Through Nov 2026
Assumption only · ends Feb 2048$92,391
Assumption + second · ends Feb 2048, second Dec 2056$396,078
New conventional · ends Dec 2056$511,733