Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $159,239
- Funds due
- $169,370
- Interest + MI left
- $113,292
- First ends
- Oct 2049
Assumption
Assumption + second
$2,360/mo
+$917/mo- Down payment
- $34,239
- Funds due
- $45,647
- Interest + MI left
- $318,486
- First ends
- Oct 2049
New loan
New conventional
$2,490/mo
+$1,047/mo- Down payment
- $34,239
- Funds due
- $42,270
- Interest + MI left
- $463,555
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,661 | $180,661 | $305,661 |
| Second mortgage | — | $125,000 | — |
| First P&I | $980.14 | $980.14 | $2,116.34 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $149.91 | $149.91 | $61.13 |
| Taxes, insurance & HOA | $312.58 | $312.58 | $312.58 |
| Total housing payment | $1,442.63 | $2,359.84 | $2,490.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,239
Closing costs & prepaids$11,408
Usable credit−$0
Total buyer cash needed$45,647
Earnest money paid−$0
Remaining funds due$45,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$286.75
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$27.40
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 closing22 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$52,332Through Nov 2026
Assumption only · ends Oct 2049$113,292
Assumption + second · ends Oct 2049, second Dec 2056$318,486
New conventional · ends Dec 2056$463,555