Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $201,503
- Funds due
- $212,828
- Interest + MI left
- $134,979
- First ends
- Sep 2049
Assumption
Assumption + second
$2,970/mo
+$1,174/mo- Down payment
- $41,503
- Funds due
- $54,148
- Interest + MI left
- $397,627
- First ends
- Sep 2049
New loan
New conventional
$3,112/mo
+$1,317/mo- Down payment
- $41,503
- Funds due
- $50,720
- Interest + MI left
- $566,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,497 | $213,497 | $373,497 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,166.66 | $1,166.66 | $2,586.02 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $177.35 | $177.35 | $74.70 |
| Taxes, insurance & HOA | $451.75 | $451.75 | $451.75 |
| Total housing payment | $1,795.77 | $2,969.79 | $3,112.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,503
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$54,148
Earnest money paid−$0
Remaining funds due$54,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$311.25
Initial HOA (3 months)$594.00
Prepaid interest, first (2 days)$44.45
Prepaid interest, second (2 days)$70.14
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 closing22 yr 10 moOf the original 30-year loan at 3.800%
Interest already paid$63,450Through Nov 2026
Assumption only · ends Sep 2049$134,979
Assumption + second · ends Sep 2049, second Dec 2056$397,627
New conventional · ends Dec 2056$566,433