Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $209,275
- Funds due
- $220,422
- Interest + MI left
- $115,589
- First ends
- Jan 2048
Assumption
Assumption + second
$2,957/mo
+$1,240/mo- Down payment
- $40,275
- Funds due
- $52,746
- Interest + MI left
- $393,011
- First ends
- Jan 2048
New loan
New conventional
$3,006/mo
+$1,289/mo- Down payment
- $40,275
- Funds due
- $49,324
- Interest + MI left
- $545,396
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,625 | $190,625 | $359,625 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,107.60 | $1,107.60 | $2,489.97 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $165.53 | $165.53 | $71.93 |
| Taxes, insurance & HOA | $444.08 | $444.08 | $444.08 |
| Total housing payment | $1,717.21 | $2,957.27 | $3,005.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,275
Closing costs & prepaids$12,471
Usable credit−$0
Total buyer cash needed$52,746
Earnest money paid−$0
Remaining funds due$52,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$546.25
Initial HOA (3 months)$336.00
Prepaid interest, first (2 days)$41.15
Prepaid interest, second (2 days)$74.08
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 closing21 yr 2 moOf the original 30-year loan at 3.940%
Interest already paid$74,341Through Nov 2026
Assumption only · ends Jan 2048$115,589
Assumption + second · ends Jan 2048, second Dec 2056$393,011
New conventional · ends Dec 2056$545,396