Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $187,851
- Funds due
- $199,415
- Interest + MI left
- $95,332
- First ends
- Oct 2049
Assumption
Assumption + second
$2,864/mo
+$1,093/mo- Down payment
- $38,851
- Funds due
- $51,698
- Interest + MI left
- $339,923
- First ends
- Oct 2049
New loan
New conventional
$3,084/mo
+$1,314/mo- Down payment
- $38,851
- Funds due
- $48,280
- Interest + MI left
- $515,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,149 | $191,149 | $340,149 |
| Second mortgage | — | $149,000 | — |
| First P&I | $950.32 | $950.32 | $2,355.12 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $158.69 | $158.69 | $68.03 |
| Taxes, insurance & HOA | $661.25 | $661.25 | $661.25 |
| Total housing payment | $1,770.26 | $2,863.57 | $3,084.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,851
Closing costs & prepaids$12,846
Usable credit−$0
Total buyer cash needed$51,698
Earnest money paid−$0
Remaining funds due$51,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$804.75
Initial HOA (3 months)$729.00
Prepaid interest, first (1 days)$15.08
Prepaid interest, second (1 days)$32.66
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 closing22 yr 11 moOf the original 29-year loan at 2.880%
Interest already paid$36,493Through Nov 2026
Assumption only · ends Oct 2049$95,332
Assumption + second · ends Oct 2049, second Dec 2056$339,923
New conventional · ends Dec 2056$515,791