Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,363/mo
Lowest payment- Down payment
- $191,537
- Funds due
- $202,087
- Interest + MI left
- $82,401
- First ends
- Dec 2048
Assumption
Assumption + second
$2,501/mo
+$1,137/mo- Down payment
- $36,537
- Funds due
- $48,643
- Interest + MI left
- $336,841
- First ends
- Dec 2048
New loan
New conventional
$2,625/mo
+$1,261/mo- Down payment
- $36,537
- Funds due
- $45,380
- Interest + MI left
- $480,267
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,463 | $173,463 | $328,463 |
| Second mortgage | — | $155,000 | — |
| First P&I | $887.81 | $887.81 | $2,225.12 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $141.51 | $141.51 | $65.69 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $1,363.32 | $2,500.66 | $2,624.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,537
Closing costs & prepaids$12,106
Usable credit−$0
Total buyer cash needed$48,643
Earnest money paid−$0
Remaining funds due$48,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$123.18
Prepaid interest, second (9 days)$305.75
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 2.88%
Interest already paid$26,951Through Dec 2026
Assumption only · ends Dec 2048$82,401
Assumption + second · ends Dec 2048, second Jan 2057$336,841
New conventional · ends Jan 2057$480,267