Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $201,506
- Funds due
- $211,712
- Interest + MI left
- $45,123
- First ends
- Aug 2040
Assumption
Assumption + second
$2,780/mo
+$1,211/mo- Down payment
- $36,506
- Funds due
- $47,998
- Interest + MI left
- $315,979
- First ends
- Aug 2040
New loan
New conventional
$2,574/mo
+$1,004/mo- Down payment
- $36,506
- Funds due
- $44,600
- Interest + MI left
- $489,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,494 | $157,494 | $322,494 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,142.95 | $1,142.95 | $2,232.88 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $150.14 | $150.14 | $64.50 |
| Taxes, insurance & HOA | $276.33 | $276.33 | $276.33 |
| Total housing payment | $1,569.42 | $2,780.13 | $2,573.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,506
Closing costs & prepaids$11,492
Usable credit−$0
Total buyer cash needed$47,998
Earnest money paid−$0
Remaining funds due$47,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$234.00
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$11.61
Prepaid interest, second (1 days)$36.16
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 closing13 yr 9 moOf the original 20-year loan at 2.690%
Interest already paid$31,247Through Nov 2026
Assumption only · ends Aug 2040$45,123
Assumption + second · ends Aug 2040, second Dec 2056$315,979
New conventional · ends Dec 2056$489,019