Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $168,088
- Funds due
- $178,549
- Interest + MI left
- $85,558
- First ends
- Dec 2049
Assumption
Assumption + second
$2,399/mo
+$1,005/mo- Down payment
- $31,088
- Funds due
- $42,829
- Interest + MI left
- $310,451
- First ends
- Dec 2049
New loan
New conventional
$2,511/mo
+$1,117/mo- Down payment
- $31,088
- Funds due
- $39,481
- Interest + MI left
- $422,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,812 | $141,812 | $278,812 |
| Second mortgage | — | $137,000 | — |
| First P&I | $751.52 | $751.52 | $1,930.44 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $117.67 | $117.67 | $55.76 |
| Taxes, insurance & HOA | $524.42 | $524.42 | $524.42 |
| Total housing payment | $1,393.60 | $2,398.86 | $2,510.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,088
Closing costs & prepaids$11,741
Usable credit−$0
Total buyer cash needed$42,829
Earnest money paid−$0
Remaining funds due$42,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$118.25
Initial HOA (3 months)$1,005.00
Prepaid interest, first (1 days)$13.83
Prepaid interest, second (1 days)$30.03
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 closing23 yr 1 moOf the original 30-year loan at 3.560%
Interest already paid$38,070Through Nov 2026
Assumption only · ends Dec 2049$85,558
Assumption + second · ends Dec 2049, second Dec 2056$310,451
New conventional · ends Dec 2056$422,837