Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,916/mo
Lowest payment- Down payment
- $201,205
- Funds due
- $212,509
- Interest + MI left
- $151,584
- First ends
- Sep 2048
Assumption
Assumption + second
$3,083/mo
+$1,167/mo- Down payment
- $42,205
- Funds due
- $54,794
- Interest + MI left
- $412,590
- First ends
- Sep 2048
New loan
New conventional
$3,106/mo
+$1,190/mo- Down payment
- $42,205
- Funds due
- $51,336
- Interest + MI left
- $565,294
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,795 | $213,795 | $372,795 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,286.43 | $1,286.43 | $2,581.16 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $179.21 | $179.21 | $74.56 |
| Taxes, insurance & HOA | $450.67 | $450.67 | $450.67 |
| Total housing payment | $1,916.30 | $3,082.99 | $3,106.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,205
Closing costs & prepaids$12,588
Usable credit−$0
Total buyer cash needed$54,794
Earnest money paid−$0
Remaining funds due$54,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$548.00
Initial HOA (3 months)$354.00
Prepaid interest, first (1 days)$26.53
Prepaid interest, second (1 days)$34.85
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 closing21 yr 10 moOf the original 30-year loan at 4.530%
Interest already paid$86,865Through Nov 2026
Assumption only · ends Sep 2048$151,584
Assumption + second · ends Sep 2048, second Dec 2056$412,590
New conventional · ends Dec 2056$565,294