Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $234,475
- Funds due
- $246,746
- Interest + MI left
- $130,668
- First ends
- Dec 2049
Assumption
Assumption + second
$3,368/mo
+$1,387/mo- Down payment
- $45,475
- Funds due
- $59,037
- Interest + MI left
- $440,922
- First ends
- Dec 2049
New loan
New conventional
$3,540/mo
+$1,559/mo- Down payment
- $45,475
- Funds due
- $55,552
- Interest + MI left
- $613,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,525 | $215,525 | $404,525 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,144.44 | $1,144.44 | $2,800.85 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $178.74 | $178.74 | $80.91 |
| Taxes, insurance & HOA | $658.33 | $658.33 | $658.33 |
| Total housing payment | $1,981.52 | $3,368.33 | $3,540.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,475
Closing costs & prepaids$13,563
Usable credit−$0
Total buyer cash needed$59,037
Earnest money paid−$0
Remaining funds due$59,037
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,125.00
Initial HOA (3 months)$399.99
Prepaid interest, first (1 days)$21.14
Prepaid interest, second (1 days)$41.42
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 closing23 yr 1 moOf the original 30-year loan at 3.580%
Interest already paid$58,169Through Nov 2026
Assumption only · ends Dec 2049$130,668
Assumption + second · ends Dec 2049, second Dec 2056$440,922
New conventional · ends Dec 2056$613,408