Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,723/mo
Lowest payment- Down payment
- $238,189
- Funds due
- $249,726
- Interest + MI left
- $131,247
- First ends
- Oct 2049
Assumption
Assumption + second
$3,139/mo
+$1,416/mo- Down payment
- $45,189
- Funds due
- $58,060
- Interest + MI left
- $448,067
- First ends
- Oct 2049
New loan
New conventional
$3,277/mo
+$1,554/mo- Down payment
- $45,189
- Funds due
- $54,593
- Interest + MI left
- $608,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,311 | $208,311 | $401,311 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,132.37 | $1,132.37 | $2,778.60 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $172.77 | $172.77 | $80.26 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,722.90 | $3,139.06 | $3,276.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,189
Closing costs & prepaids$12,871
Usable credit−$0
Total buyer cash needed$58,060
Earnest money paid−$0
Remaining funds due$58,060
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,465.00
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)$578.25
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$43.03
Prepaid interest, second (2 days)$84.60
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 closing22 yr 11 moOf the original 30-year loan at 3.770%
Interest already paid$60,648Through Nov 2026
Assumption only · ends Oct 2049$131,247
Assumption + second · ends Oct 2049, second Dec 2056$448,067
New conventional · ends Dec 2056$608,535