Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $181,875
- Funds due
- $193,221
- Interest + MI left
- $144,766
- First ends
- Nov 2049
Assumption
Assumption + second
$2,880/mo
+$1,020/mo- Down payment
- $42,875
- Funds due
- $55,745
- Interest + MI left
- $372,941
- First ends
- Nov 2049
New loan
New conventional
$3,016/mo
+$1,157/mo- Down payment
- $42,875
- Funds due
- $52,447
- Interest + MI left
- $551,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,125 | $238,125 | $377,125 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,275.41 | $1,275.41 | $2,554.78 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $198.22 | $198.22 | $75.43 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $1,859.63 | $2,879.56 | $3,016.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,875
Closing costs & prepaids$12,870
Usable credit−$0
Total buyer cash needed$55,745
Earnest money paid−$0
Remaining funds due$55,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$212.55
Prepaid interest, second (9 days)$274.19
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 closing22 yr 11 moOf the original 30-year loan at 3.62%
Interest already paid$66,698Through Dec 2026
Assumption only · ends Nov 2049$144,766
Assumption + second · ends Nov 2049, second Jan 2057$372,941
New conventional · ends Jan 2057$551,344