Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,341/mo
Lowest payment- Down payment
- $197,926
- Funds due
- $208,528
- Interest + MI left
- $79,836
- First ends
- Dec 2048
Assumption
Assumption + second
$2,522/mo
+$1,181/mo- Down payment
- $36,926
- Funds due
- $49,096
- Interest + MI left
- $344,126
- First ends
- Dec 2048
New loan
New conventional
$2,622/mo
+$1,281/mo- Down payment
- $36,926
- Funds due
- $45,811
- Interest + MI left
- $472,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,064 | $162,064 | $323,064 |
| Second mortgage | — | $161,000 | — |
| First P&I | $840.15 | $840.15 | $2,188.55 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $131.89 | $131.89 | $64.61 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $1,341.03 | $2,522.39 | $2,622.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,926
Closing costs & prepaids$12,170
Usable credit−$0
Total buyer cash needed$49,096
Earnest money paid−$0
Remaining funds due$49,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$432.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$120.28
Prepaid interest, second (9 days)$317.59
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 yrOf the original 27-year loan at 3.01%
Interest already paid$26,282Through Dec 2026
Assumption only · ends Dec 2048$79,836
Assumption + second · ends Dec 2048, second Jan 2057$344,126
New conventional · ends Jan 2057$472,308