Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $229,937
- Funds due
- $241,975
- Interest + MI left
- $115,984
- First ends
- Apr 2052
Assumption
Assumption + second
$3,117/mo
+$1,379/mo- Down payment
- $41,937
- Funds due
- $55,307
- Interest + MI left
- $424,596
- First ends
- Apr 2052
New loan
New conventional
$3,332/mo
+$1,594/mo- Down payment
- $41,937
- Funds due
- $51,870
- Interest + MI left
- $558,119
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,063 | $180,063 | $368,063 |
| Second mortgage | — | $188,000 | — |
| First P&I | $887.36 | $887.36 | $2,548.39 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $140.85 | $140.85 | $73.61 |
| Taxes, insurance & HOA | $709.50 | $709.50 | $709.50 |
| Total housing payment | $1,737.71 | $3,117.18 | $3,331.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,937
Closing costs & prepaids$13,370
Usable credit−$0
Total buyer cash needed$55,307
Earnest money paid−$0
Remaining funds due$55,307
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,033.50
Initial HOA (3 months)$645.00
Prepaid interest, first (2 days)$34.04
Prepaid interest, second (2 days)$82.41
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 closing25 yr 5 moOf the original 30-year loan at 3.450%
Interest already paid$30,023Through Nov 2026
Assumption only · ends Apr 2052$115,984
Assumption + second · ends Apr 2052, second Dec 2056$424,596
New conventional · ends Dec 2056$558,119