Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,700/mo
Lowest payment- Down payment
- $200,149
- Funds due
- $210,988
- Interest + MI left
- $139,300
- First ends
- Aug 2048
Assumption
Assumption + second
$2,874/mo
+$1,174/mo- Down payment
- $40,149
- Funds due
- $52,308
- Interest + MI left
- $401,948
- First ends
- Aug 2048
New loan
New conventional
$2,883/mo
+$1,183/mo- Down payment
- $40,149
- Funds due
- $48,881
- Interest + MI left
- $538,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,850 | $194,850 | $354,850 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,181.51 | $1,181.51 | $2,456.91 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $163.44 | $163.44 | $70.97 |
| Taxes, insurance & HOA | $354.83 | $354.83 | $354.83 |
| Total housing payment | $1,699.79 | $2,873.81 | $2,882.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,149
Closing costs & prepaids$12,159
Usable credit−$0
Total buyer cash needed$52,308
Earnest money paid−$0
Remaining funds due$52,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.99
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)$386.50
Initial HOA (3 months)$228.00
Prepaid interest, first (2 days)$49.01
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 closing21 yr 9 moOf the original 30-year loan at 4.590%
Interest already paid$81,076Through Nov 2026
Assumption only · ends Aug 2048$139,300
Assumption + second · ends Aug 2048, second Dec 2056$401,948
New conventional · ends Dec 2056$538,083