Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,900/mo
Lowest payment- Down payment
- $229,900
- Funds due
- $241,796
- Interest + MI left
- $86,559
- First ends
- Jul 2045
Assumption
Assumption + second
$3,295/mo
+$1,394/mo- Down payment
- $39,900
- Funds due
- $53,129
- Interest + MI left
- $398,454
- First ends
- Jul 2045
New loan
New conventional
$3,242/mo
+$1,341/mo- Down payment
- $39,900
- Funds due
- $49,706
- Interest + MI left
- $538,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,100 | $165,100 | $355,100 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,031.93 | $1,031.93 | $2,458.64 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $156.49 | $156.49 | $71.02 |
| Taxes, insurance & HOA | $712.00 | $712.00 | $712.00 |
| Total housing payment | $1,900.42 | $3,294.57 | $3,241.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,900
Closing costs & prepaids$13,229
Usable credit−$0
Total buyer cash needed$53,129
Earnest money paid−$0
Remaining funds due$53,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$726.00
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$34.56
Prepaid interest, second (2 days)$83.29
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 closing18 yr 8 moOf the original 30-year loan at 3.820%
Interest already paid$84,518Through Nov 2026
Assumption only · ends Jul 2045$86,559
Assumption + second · ends Jul 2045, second Dec 2056$398,454
New conventional · ends Dec 2056$538,462