Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,624/mo
Lowest payment- Down payment
- $190,173
- Funds due
- $201,090
- Interest + MI left
- $81,471
- First ends
- Dec 2046
Assumption
Assumption + second
$2,740/mo
+$1,115/mo- Down payment
- $38,173
- Funds due
- $50,407
- Interest + MI left
- $330,987
- First ends
- Dec 2046
New loan
New conventional
$2,854/mo
+$1,229/mo- Down payment
- $38,173
- Funds due
- $47,016
- Interest + MI left
- $510,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,827 | $184,827 | $336,827 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,017.32 | $1,017.32 | $2,332.12 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $152.79 | $152.79 | $67.37 |
| Taxes, insurance & HOA | $454.34 | $454.34 | $454.34 |
| Total housing payment | $1,624.45 | $2,739.77 | $2,853.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,173
Closing costs & prepaids$12,235
Usable credit−$0
Total buyer cash needed$50,407
Earnest money paid−$0
Remaining funds due$50,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$790.25
Initial HOA (3 months)$122.76
Prepaid interest, first (2 days)$29.88
Prepaid interest, second (2 days)$66.63
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 1 moOf the original 25-year loan at 2.950%
Interest already paid$29,139Through Nov 2026
Assumption only · ends Dec 2046$81,471
Assumption + second · ends Dec 2046, second Dec 2056$330,987
New conventional · ends Dec 2056$510,753