Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,381/mo
Lowest payment- Down payment
- $223,911
- Funds due
- $234,693
- Interest + MI left
- $91,812
- First ends
- Feb 2048
Assumption
Assumption + second
$2,745/mo
+$1,365/mo- Down payment
- $37,911
- Funds due
- $50,310
- Interest + MI left
- $397,140
- First ends
- Feb 2048
New loan
New conventional
$2,724/mo
+$1,344/mo- Down payment
- $37,911
- Funds due
- $46,965
- Interest + MI left
- $494,342
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,089 | $152,089 | $338,089 |
| Second mortgage | — | $186,000 | — |
| First P&I | $882.07 | $882.07 | $2,290.33 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $132.15 | $132.15 | $67.62 |
| Taxes, insurance & HOA | $366.42 | $366.42 | $366.42 |
| Total housing payment | $1,380.64 | $2,745.44 | $2,724.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,911
Closing costs & prepaids$12,398
Usable credit−$0
Total buyer cash needed$50,310
Earnest money paid−$0
Remaining funds due$50,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,760.00
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)$451.25
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$147.01
Prepaid interest, second (9 days)$366.90
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 yr 2 moOf the original 30-year loan at 3.92%
Interest already paid$59,030Through Dec 2026
Assumption only · ends Feb 2048$91,812
Assumption + second · ends Feb 2048, second Jan 2057$397,140
New conventional · ends Jan 2057$494,342