Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,145/mo
Lowest payment- Down payment
- $192,592
- Funds due
- $204,590
- Interest + MI left
- $124,462
- First ends
- Jul 2047
Assumption
Assumption + second
$3,260/mo
+$1,115/mo- Down payment
- $40,592
- Funds due
- $53,873
- Interest + MI left
- $373,978
- First ends
- Jul 2047
New loan
New conventional
$3,290/mo
+$1,145/mo- Down payment
- $40,592
- Funds due
- $50,434
- Interest + MI left
- $543,478
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,408 | $206,408 | $358,408 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,226.67 | $1,226.67 | $2,481.54 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $181.56 | $181.56 | $71.68 |
| Taxes, insurance & HOA | $736.83 | $736.83 | $736.83 |
| Total housing payment | $2,145.07 | $3,260.39 | $3,290.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,592
Closing costs & prepaids$13,282
Usable credit−$0
Total buyer cash needed$53,873
Earnest money paid−$0
Remaining funds due$53,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,727.50
Initial HOA (3 months)$33.00
Prepaid interest, first (1 days)$22.73
Prepaid interest, second (1 days)$33.32
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 closing20 yr 8 moOf the original 30-year loan at 4.020%
Interest already paid$87,475Through Nov 2026
Assumption only · ends Jul 2047$124,462
Assumption + second · ends Jul 2047, second Dec 2056$373,978
New conventional · ends Dec 2056$543,478