Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $213,132
- Funds due
- $224,757
- Interest + MI left
- $138,027
- First ends
- Dec 2047
Assumption
Assumption + second
$3,234/mo
+$1,233/mo- Down payment
- $45,132
- Funds due
- $58,081
- Interest + MI left
- $413,808
- First ends
- Dec 2047
New loan
New conventional
$3,318/mo
+$1,317/mo- Down payment
- $45,132
- Funds due
- $54,621
- Interest + MI left
- $614,010
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,868 | $236,868 | $404,868 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,359.74 | $1,359.74 | $2,803.22 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $207.21 | $207.21 | $80.97 |
| Taxes, insurance & HOA | $433.84 | $433.84 | $433.84 |
| Total housing payment | $2,000.79 | $3,233.51 | $3,318.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,132
Closing costs & prepaids$12,949
Usable credit−$0
Total buyer cash needed$58,081
Earnest money paid−$0
Remaining funds due$58,081
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)$783.50
Initial HOA (3 months)$68.01
Prepaid interest, first (2 days)$49.06
Prepaid interest, second (2 days)$73.64
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 1 moOf the original 30-year loan at 3.780%
Interest already paid$89,830Through Nov 2026
Assumption only · ends Dec 2047$138,027
Assumption + second · ends Dec 2047, second Dec 2056$413,808
New conventional · ends Dec 2056$614,010