Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,445/mo
Lowest payment- Down payment
- $179,269
- Funds due
- $189,638
- Interest + MI left
- $114,212
- First ends
- Sep 2048
Assumption
Assumption + second
$2,509/mo
+$1,064/mo- Down payment
- $34,269
- Funds due
- $46,174
- Interest + MI left
- $352,237
- First ends
- Sep 2048
New loan
New conventional
$2,470/mo
+$1,025/mo- Down payment
- $34,269
- Funds due
- $42,856
- Interest + MI left
- $447,029
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,731 | $160,731 | $305,731 |
| Second mortgage | — | $145,000 | — |
| First P&I | $971.97 | $971.97 | $2,071.13 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $134.93 | $134.93 | $61.15 |
| Taxes, insurance & HOA | $337.67 | $337.67 | $337.67 |
| Total housing payment | $1,444.56 | $2,508.52 | $2,469.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,269
Closing costs & prepaids$11,905
Usable credit−$0
Total buyer cash needed$46,174
Earnest money paid−$0
Remaining funds due$46,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$155.01
Prepaid interest, first (9 days)$180.72
Prepaid interest, second (9 days)$286.03
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 9 moOf the original 30-year loan at 4.56%
Interest already paid$66,470Through Dec 2026
Assumption only · ends Sep 2048$114,212
Assumption + second · ends Sep 2048, second Jan 2057$352,237
New conventional · ends Jan 2057$447,029