Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $189,611
- Funds due
- $200,326
- Interest + MI left
- $102,401
- First ends
- Feb 2048
Assumption
Assumption + second
$2,649/mo
+$1,123/mo- Down payment
- $36,611
- Funds due
- $48,877
- Interest + MI left
- $353,558
- First ends
- Feb 2048
New loan
New conventional
$2,647/mo
+$1,121/mo- Down payment
- $36,611
- Funds due
- $45,568
- Interest + MI left
- $472,784
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,389 | $170,389 | $323,389 |
| Second mortgage | — | $153,000 | — |
| First P&I | $986.40 | $986.40 | $2,190.75 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $148.13 | $148.13 | $64.68 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,526.54 | $2,649.20 | $2,647.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,611
Closing costs & prepaids$12,267
Usable credit−$0
Total buyer cash needed$48,877
Earnest money paid−$0
Remaining funds due$48,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$163.85
Prepaid interest, second (9 days)$301.81
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 2 moOf the original 30-year loan at 3.9%
Interest already paid$65,817Through Dec 2026
Assumption only · ends Feb 2048$102,401
Assumption + second · ends Feb 2048, second Jan 2057$353,558
New conventional · ends Jan 2057$472,784