Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,567/mo
Lowest payment- Down payment
- $186,097
- Funds due
- $196,725
- Interest + MI left
- $124,105
- First ends
- Oct 2049
Assumption
Assumption + second
$2,645/mo
+$1,079/mo- Down payment
- $39,097
- Funds due
- $51,040
- Interest + MI left
- $365,413
- First ends
- Oct 2049
New loan
New conventional
$2,804/mo
+$1,237/mo- Down payment
- $39,097
- Funds due
- $47,636
- Interest + MI left
- $532,153
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,893 | $203,893 | $350,893 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,092.61 | $1,092.61 | $2,429.51 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $169.70 | $169.70 | $70.18 |
| Taxes, insurance & HOA | $304.34 | $304.34 | $304.34 |
| Total housing payment | $1,566.65 | $2,645.28 | $2,804.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,097
Closing costs & prepaids$11,943
Usable credit−$0
Total buyer cash needed$51,040
Earnest money paid−$0
Remaining funds due$51,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$326.00
Initial HOA (3 months)$137.01
Prepaid interest, first (2 days)$40.50
Prepaid interest, second (2 days)$64.44
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 30-year loan at 3.625%
Interest already paid$57,185Through Nov 2026
Assumption only · ends Oct 2049$124,105
Assumption + second · ends Oct 2049, second Dec 2056$365,413
New conventional · ends Dec 2056$532,153