Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,176/mo
Lowest payment- Down payment
- $240,657
- Funds due
- $251,220
- Interest + MI left
- $79,817
- First ends
- Oct 2049
Assumption
Assumption + second
$2,616/mo
+$1,440/mo- Down payment
- $39,657
- Funds due
- $51,556
- Interest + MI left
- $397,213
- First ends
- Oct 2049
New loan
New conventional
$2,802/mo
+$1,626/mo- Down payment
- $39,657
- Funds due
- $48,143
- Interest + MI left
- $538,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,343 | $154,343 | $355,343 |
| Second mortgage | — | $201,000 | — |
| First P&I | $777.58 | $777.58 | $2,460.32 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $127.75 | $127.75 | $71.07 |
| Taxes, insurance & HOA | $271.09 | $271.09 | $271.09 |
| Total housing payment | $1,176.42 | $2,616.41 | $2,802.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,657
Closing costs & prepaids$11,899
Usable credit−$0
Total buyer cash needed$51,556
Earnest money paid−$0
Remaining funds due$51,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$253.25
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$25.46
Prepaid interest, second (2 days)$85.36
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 11 moOf the original 29-year loan at 3.010%
Interest already paid$30,748Through Nov 2026
Assumption only · ends Oct 2049$79,817
Assumption + second · ends Oct 2049, second Dec 2056$397,213
New conventional · ends Dec 2056$538,902