Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $211,030
- Funds due
- $222,708
- Interest + MI left
- $161,328
- First ends
- Jul 2049
Assumption
Assumption + second
$3,161/mo
+$1,218/mo- Down payment
- $45,030
- Funds due
- $58,286
- Interest + MI left
- $433,826
- First ends
- Jul 2049
New loan
New conventional
$3,210/mo
+$1,267/mo- Down payment
- $45,030
- Funds due
- $54,930
- Interest + MI left
- $591,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,870 | $238,870 | $404,870 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,358.19 | $1,358.19 | $2,742.73 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $198.15 | $198.15 | $80.97 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,943.01 | $3,161.06 | $3,210.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,030
Closing costs & prepaids$13,255
Usable credit−$0
Total buyer cash needed$58,286
Earnest money paid−$0
Remaining funds due$58,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$243.84
Prepaid interest, second (9 days)$327.45
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 7 moOf the original 30-year loan at 4.14%
Interest already paid$80,010Through Dec 2026
Assumption only · ends Jul 2049$161,328
Assumption + second · ends Jul 2049, second Jan 2057$433,826
New conventional · ends Jan 2057$591,987