Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,254/mo
Lowest payment- Down payment
- $195,116
- Funds due
- $207,600
- Interest + MI left
- $143,131
- First ends
- Jan 2049
Assumption
Assumption + second
$3,399/mo
+$1,145/mo- Down payment
- $39,116
- Funds due
- $52,918
- Interest + MI left
- $399,213
- First ends
- Jan 2049
New loan
New conventional
$3,419/mo
+$1,165/mo- Down payment
- $39,116
- Funds due
- $49,501
- Interest + MI left
- $531,988
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,784 | $194,784 | $350,784 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,172.51 | $1,172.51 | $2,428.76 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $161.44 | $161.44 | $70.16 |
| Taxes, insurance & HOA | $920.00 | $920.00 | $920.00 |
| Total housing payment | $2,253.96 | $3,398.63 | $3,418.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,116
Closing costs & prepaids$13,802
Usable credit−$0
Total buyer cash needed$52,918
Earnest money paid−$0
Remaining funds due$52,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$2,035.00
Initial HOA (3 months)$275.01
Prepaid interest, first (2 days)$49.42
Prepaid interest, second (2 days)$68.38
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 2 moOf the original 30-year loan at 4.630%
Interest already paid$77,079Through Nov 2026
Assumption only · ends Jan 2049$143,131
Assumption + second · ends Jan 2049, second Dec 2056$399,213
New conventional · ends Dec 2056$531,988