Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,478/mo
Lowest payment- Down payment
- $266,625
- Funds due
- $277,907
- Interest + MI left
- $116,381
- First ends
- Sep 2049
Assumption
Assumption + second
$3,061/mo
+$1,583/mo- Down payment
- $45,625
- Funds due
- $58,250
- Interest + MI left
- $465,358
- First ends
- Sep 2049
New loan
New conventional
$3,200/mo
+$1,722/mo- Down payment
- $45,625
- Funds due
- $54,776
- Interest + MI left
- $611,665
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,375 | $182,375 | $403,375 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,000.51 | $1,000.51 | $2,792.89 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $151.35 | $151.35 | $80.68 |
| Taxes, insurance & HOA | $326.08 | $326.08 | $326.08 |
| Total housing payment | $1,477.94 | $3,061.21 | $3,199.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,625
Closing costs & prepaids$12,625
Usable credit−$0
Total buyer cash needed$58,250
Earnest money paid−$0
Remaining funds due$58,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$312.25
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$38.37
Prepaid interest, second (2 days)$93.85
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 3.840%
Interest already paid$54,744Through Nov 2026
Assumption only · ends Sep 2049$116,381
Assumption + second · ends Sep 2049, second Dec 2056$465,358
New conventional · ends Dec 2056$611,665