Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,022/mo
Lowest payment- Down payment
- $222,914
- Funds due
- $234,866
- Interest + MI left
- $139,100
- First ends
- Dec 2047
Assumption
Assumption + second
$3,314/mo
+$1,291/mo- Down payment
- $46,914
- Funds due
- $60,154
- Interest + MI left
- $428,013
- First ends
- Dec 2047
New loan
New conventional
$3,393/mo
+$1,371/mo- Down payment
- $46,914
- Funds due
- $56,655
- Interest + MI left
- $626,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,086 | $237,086 | $413,086 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,364.74 | $1,364.74 | $2,860.12 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $207.21 | $207.21 | $82.62 |
| Taxes, insurance & HOA | $450.50 | $450.50 | $450.50 |
| Total housing payment | $2,022.45 | $3,313.87 | $3,393.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,914
Closing costs & prepaids$13,240
Usable credit−$0
Total buyer cash needed$60,154
Earnest money paid−$0
Remaining funds due$60,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$783.50
Initial HOA (3 months)$68.01
Prepaid interest, first (1 days)$24.75
Prepaid interest, second (1 days)$38.58
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 yr 1 moOf the original 30-year loan at 3.810%
Interest already paid$90,581Through Nov 2026
Assumption only · ends Dec 2047$139,100
Assumption + second · ends Dec 2047, second Dec 2056$428,013
New conventional · ends Dec 2056$626,390