Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,991/mo
Lowest payment- Down payment
- $201,876
- Funds due
- $213,831
- Interest + MI left
- $107,594
- First ends
- Aug 2047
Assumption
Assumption + second
$3,188/mo
+$1,196/mo- Down payment
- $38,876
- Funds due
- $52,153
- Interest + MI left
- $375,167
- First ends
- Aug 2047
New loan
New conventional
$3,210/mo
+$1,219/mo- Down payment
- $38,876
- Funds due
- $48,741
- Interest + MI left
- $517,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,124 | $178,124 | $341,124 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,054.90 | $1,054.90 | $2,361.87 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $156.33 | $156.33 | $68.22 |
| Taxes, insurance & HOA | $780.25 | $780.25 | $780.25 |
| Total housing payment | $1,991.48 | $3,187.52 | $3,210.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,876
Closing costs & prepaids$13,276
Usable credit−$0
Total buyer cash needed$52,153
Earnest money paid−$0
Remaining funds due$52,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$636.75
Initial HOA (3 months)$1,254.00
Prepaid interest, first (2 days)$39.14
Prepaid interest, second (2 days)$71.45
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 closing20 yr 9 moOf the original 30-year loan at 4.010%
Interest already paid$74,523Through Nov 2026
Assumption only · ends Aug 2047$107,594
Assumption + second · ends Aug 2047, second Dec 2056$375,167
New conventional · ends Dec 2056$517,269