Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,580/mo
Lowest payment- Down payment
- $209,180
- Funds due
- $220,127
- Interest + MI left
- $103,047
- First ends
- Feb 2048
Assumption
Assumption + second
$2,835/mo
+$1,255/mo- Down payment
- $38,180
- Funds due
- $50,452
- Interest + MI left
- $383,752
- First ends
- Feb 2048
New loan
New conventional
$2,880/mo
+$1,301/mo- Down payment
- $38,180
- Funds due
- $47,048
- Interest + MI left
- $518,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,820 | $170,820 | $341,820 |
| Second mortgage | — | $171,000 | — |
| First P&I | $986.40 | $986.40 | $2,366.69 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $148.13 | $148.13 | $68.36 |
| Taxes, insurance & HOA | $445.42 | $445.42 | $445.42 |
| Total housing payment | $1,579.96 | $2,834.69 | $2,880.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,180
Closing costs & prepaids$12,273
Usable credit−$0
Total buyer cash needed$50,452
Earnest money paid−$0
Remaining funds due$50,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$592.25
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$36.50
Prepaid interest, second (2 days)$74.96
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 3 moOf the original 30-year loan at 3.900%
Interest already paid$65,262Through Nov 2026
Assumption only · ends Feb 2048$103,047
Assumption + second · ends Feb 2048, second Dec 2056$383,752
New conventional · ends Dec 2056$518,393