Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,284/mo
Lowest payment- Down payment
- $232,672
- Funds due
- $243,539
- Interest + MI left
- $86,833
- First ends
- Dec 2049
Assumption
Assumption + second
$2,715/mo
+$1,431/mo- Down payment
- $37,672
- Funds due
- $50,174
- Interest + MI left
- $406,936
- First ends
- Dec 2049
New loan
New conventional
$2,758/mo
+$1,474/mo- Down payment
- $37,672
- Funds due
- $46,832
- Interest + MI left
- $493,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,328 | $142,328 | $337,328 |
| Second mortgage | — | $195,000 | — |
| First P&I | $760.54 | $760.54 | $2,285.18 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $118.20 | $118.20 | $67.47 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,283.74 | $2,714.58 | $2,757.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,672
Closing costs & prepaids$12,502
Usable credit−$0
Total buyer cash needed$50,174
Earnest money paid−$0
Remaining funds due$50,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$127.04
Prepaid interest, second (9 days)$384.66
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 yrOf the original 30-year loan at 3.62%
Interest already paid$39,343Through Dec 2026
Assumption only · ends Dec 2049$86,833
Assumption + second · ends Dec 2049, second Jan 2057$406,936
New conventional · ends Jan 2057$493,229