Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $192,524
- Funds due
- $203,922
- Interest + MI left
- $157,783
- First ends
- Jun 2049
Assumption
Assumption + second
$2,997/mo
+$1,101/mo- Down payment
- $42,524
- Funds due
- $55,468
- Interest + MI left
- $404,016
- First ends
- Jun 2049
New loan
New conventional
$3,027/mo
+$1,130/mo- Down payment
- $42,524
- Funds due
- $52,125
- Interest + MI left
- $551,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,476 | $227,476 | $377,476 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,313.69 | $1,313.69 | $2,557.15 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $188.48 | $188.48 | $75.50 |
| Taxes, insurance & HOA | $394.42 | $394.42 | $394.42 |
| Total housing payment | $1,896.59 | $2,997.23 | $3,027.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,524
Closing costs & prepaids$12,944
Usable credit−$0
Total buyer cash needed$55,468
Earnest money paid−$0
Remaining funds due$55,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$229.26
Prepaid interest, first (9 days)$240.07
Prepaid interest, second (9 days)$295.89
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 6 moOf the original 30-year loan at 4.28%
Interest already paid$79,617Through Dec 2026
Assumption only · ends Jun 2049$157,783
Assumption + second · ends Jun 2049, second Jan 2057$404,016
New conventional · ends Jan 2057$551,932