Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $185,993
- Funds due
- $197,481
- Interest + MI left
- $134,186
- First ends
- Sep 2049
Assumption
Assumption + second
$2,923/mo
+$1,071/mo- Down payment
- $39,993
- Funds due
- $53,019
- Interest + MI left
- $373,853
- First ends
- Sep 2049
New loan
New conventional
$3,011/mo
+$1,160/mo- Down payment
- $39,993
- Funds due
- $49,716
- Interest + MI left
- $524,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,007 | $213,007 | $359,007 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,166.66 | $1,166.66 | $2,432.04 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $177.35 | $177.35 | $71.80 |
| Taxes, insurance & HOA | $507.58 | $507.58 | $507.58 |
| Total housing payment | $1,851.60 | $2,922.90 | $3,011.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,993
Closing costs & prepaids$13,025
Usable credit−$0
Total buyer cash needed$53,019
Earnest money paid−$0
Remaining funds due$53,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$594.00
Prepaid interest, first (9 days)$199.58
Prepaid interest, second (9 days)$288.00
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 9 moOf the original 30-year loan at 3.8%
Interest already paid$64,126Through Dec 2026
Assumption only · ends Sep 2049$134,186
Assumption + second · ends Sep 2049, second Jan 2057$373,853
New conventional · ends Jan 2057$524,928