Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,417/mo
Lowest payment- Down payment
- $172,657
- Funds due
- $182,756
- Interest + MI left
- $119,162
- First ends
- Jul 2049
Assumption
Assumption + second
$2,423/mo
+$1,005/mo- Down payment
- $35,657
- Funds due
- $47,036
- Interest + MI left
- $344,054
- First ends
- Jul 2049
New loan
New conventional
$2,507/mo
+$1,090/mo- Down payment
- $35,657
- Funds due
- $43,643
- Interest + MI left
- $476,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,343 | $177,343 | $314,343 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,002.26 | $1,002.26 | $2,176.45 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $146.92 | $146.92 | $62.87 |
| Taxes, insurance & HOA | $268.08 | $268.08 | $268.08 |
| Total housing payment | $1,417.26 | $2,422.52 | $2,507.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,657
Closing costs & prepaids$11,379
Usable credit−$0
Total buyer cash needed$47,036
Earnest money paid−$0
Remaining funds due$47,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$299.25
Initial HOA (3 months)$54.99
Prepaid interest, first (1 days)$19.92
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 closing22 yr 8 moOf the original 30-year loan at 4.100%
Interest already paid$58,120Through Nov 2026
Assumption only · ends Jul 2049$119,162
Assumption + second · ends Jul 2049, second Dec 2056$344,054
New conventional · ends Dec 2056$476,659