Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,583/mo
Lowest payment- Down payment
- $207,784
- Funds due
- $218,292
- Interest + MI left
- $65,935
- First ends
- Aug 2042
Assumption
Assumption + second
$2,845/mo
+$1,262/mo- Down payment
- $35,784
- Funds due
- $47,580
- Interest + MI left
- $348,282
- First ends
- Aug 2042
New loan
New conventional
$2,663/mo
+$1,080/mo- Down payment
- $35,784
- Funds due
- $44,183
- Interest + MI left
- $484,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,216 | $147,216 | $319,216 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,036.32 | $1,036.32 | $2,210.19 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $157.54 | $157.54 | $63.84 |
| Taxes, insurance & HOA | $389.17 | $389.17 | $389.17 |
| Total housing payment | $1,583.03 | $2,845.10 | $2,663.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,784
Closing costs & prepaids$11,796
Usable credit−$0
Total buyer cash needed$47,580
Earnest money paid−$0
Remaining funds due$47,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$372.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$15.33
Prepaid interest, second (1 days)$37.70
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 closing15 yr 9 moOf the original 30-year loan at 3.800%
Interest already paid$102,020Through Nov 2026
Assumption only · ends Aug 2042$65,935
Assumption + second · ends Aug 2042, second Dec 2056$348,282
New conventional · ends Dec 2056$484,113