Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $187,672
- Funds due
- $198,621
- Interest + MI left
- $123,124
- First ends
- Jan 2050
Assumption
Assumption + second
$2,694/mo
+$1,093/mo- Down payment
- $38,672
- Funds due
- $51,165
- Interest + MI left
- $367,715
- First ends
- Jan 2050
New loan
New conventional
$2,778/mo
+$1,177/mo- Down payment
- $38,672
- Funds due
- $47,857
- Interest + MI left
- $498,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,228 | $192,228 | $341,228 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,044.32 | $1,044.32 | $2,311.60 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $158.56 | $158.56 | $68.25 |
| Taxes, insurance & HOA | $398.00 | $398.00 | $398.00 |
| Total housing payment | $1,600.88 | $2,694.19 | $2,777.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,672
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$51,165
Earnest money paid−$0
Remaining funds due$51,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$180.59
Prepaid interest, second (9 days)$293.92
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 closing23 yr 1 moOf the original 30-year loan at 3.81%
Interest already paid$55,056Through Dec 2026
Assumption only · ends Jan 2050$123,124
Assumption + second · ends Jan 2050, second Jan 2057$367,715
New conventional · ends Jan 2057$498,864