Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
Lowest payment- Down payment
- $225,947
- Funds due
- $236,651
- Interest + MI left
- $79,349
- First ends
- Oct 2049
Assumption
Assumption + second
$2,616/mo
+$1,372/mo- Down payment
- $38,947
- Funds due
- $51,270
- Interest + MI left
- $386,319
- First ends
- Oct 2049
New loan
New conventional
$2,717/mo
+$1,473/mo- Down payment
- $38,947
- Funds due
- $47,951
- Interest + MI left
- $498,461
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,953 | $153,953 | $340,953 |
| Second mortgage | — | $187,000 | — |
| First P&I | $777.58 | $777.58 | $2,309.73 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $127.75 | $127.75 | $68.19 |
| Taxes, insurance & HOA | $338.67 | $338.67 | $338.67 |
| Total housing payment | $1,244.00 | $2,616.14 | $2,716.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,947
Closing costs & prepaids$12,323
Usable credit−$0
Total buyer cash needed$51,270
Earnest money paid−$0
Remaining funds due$51,270
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)$110.01
Prepaid interest, first (9 days)$114.26
Prepaid interest, second (9 days)$368.88
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 yr 10 moOf the original 29-year loan at 3.01%
Interest already paid$31,136Through Dec 2026
Assumption only · ends Oct 2049$79,349
Assumption + second · ends Oct 2049, second Jan 2057$386,319
New conventional · ends Jan 2057$498,461