Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,582/mo
Lowest payment- Down payment
- $197,897
- Funds due
- $209,282
- Interest + MI left
- $66,568
- First ends
- Nov 2047
Assumption
Assumption + second
$2,800/mo
+$1,218/mo- Down payment
- $31,897
- Funds due
- $44,568
- Interest + MI left
- $339,065
- First ends
- Nov 2047
New loan
New conventional
$2,814/mo
+$1,232/mo- Down payment
- $31,897
- Funds due
- $41,207
- Interest + MI left
- $421,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,103 | $112,103 | $278,103 |
| Second mortgage | — | $166,000 | — |
| First P&I | $651.11 | $651.11 | $1,925.53 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $98.02 | $98.02 | $55.62 |
| Taxes, insurance & HOA | $832.58 | $832.58 | $832.58 |
| Total housing payment | $1,581.71 | $2,799.76 | $2,813.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,897
Closing costs & prepaids$12,671
Usable credit−$0
Total buyer cash needed$44,568
Earnest money paid−$0
Remaining funds due$44,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$877.75
Initial HOA (3 months)$1,170.00
Prepaid interest, first (1 days)$11.92
Prepaid interest, second (1 days)$36.38
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 yrOf the original 30-year loan at 3.880%
Interest already paid$44,043Through Nov 2026
Assumption only · ends Nov 2047$66,568
Assumption + second · ends Nov 2047, second Dec 2056$339,065
New conventional · ends Dec 2056$421,651