Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,348/mo
Lowest payment- Down payment
- $168,927
- Funds due
- $179,108
- Interest + MI left
- $86,830
- First ends
- Dec 2047
Assumption
Assumption + second
$2,353/mo
+$1,005/mo- Down payment
- $31,927
- Funds due
- $43,629
- Interest + MI left
- $311,723
- First ends
- Dec 2047
New loan
New conventional
$2,345/mo
+$997/mo- Down payment
- $31,927
- Funds due
- $40,350
- Interest + MI left
- $413,112
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,573 | $145,573 | $282,573 |
| Second mortgage | — | $137,000 | — |
| First P&I | $847.05 | $847.05 | $1,914.25 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $127.21 | $127.21 | $56.51 |
| Taxes, insurance & HOA | $373.83 | $373.83 | $373.83 |
| Total housing payment | $1,348.09 | $2,353.35 | $2,344.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,927
Closing costs & prepaids$11,702
Usable credit−$0
Total buyer cash needed$43,629
Earnest money paid−$0
Remaining funds due$43,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,145.00
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)$377.50
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$139.99
Prepaid interest, second (9 days)$270.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yrOf the original 30-year loan at 3.9%
Interest already paid$57,469Through Dec 2026
Assumption only · ends Dec 2047$86,830
Assumption + second · ends Dec 2047, second Jan 2057$311,723
New conventional · ends Jan 2057$413,112