Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,377/mo
Lowest payment- Down payment
- $223,677
- Funds due
- $234,432
- Interest + MI left
- $88,423
- First ends
- Aug 2047
Assumption
Assumption + second
$2,742/mo
+$1,365/mo- Down payment
- $37,677
- Funds due
- $50,048
- Interest + MI left
- $393,752
- First ends
- Aug 2047
New loan
New conventional
$2,696/mo
+$1,319/mo- Down payment
- $37,677
- Funds due
- $46,698
- Interest + MI left
- $485,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,323 | $146,323 | $332,323 |
| Second mortgage | — | $186,000 | — |
| First P&I | $870.36 | $870.36 | $2,251.27 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $128.67 | $128.67 | $66.46 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $1,377.03 | $2,741.83 | $2,695.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,677
Closing costs & prepaids$12,371
Usable credit−$0
Total buyer cash needed$50,048
Earnest money paid−$0
Remaining funds due$50,048
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$145.40
Prepaid interest, second (9 days)$366.90
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 closing20 yr 8 moOf the original 30-year loan at 4.03%
Interest already paid$62,155Through Dec 2026
Assumption only · ends Aug 2047$88,423
Assumption + second · ends Aug 2047, second Jan 2057$393,752
New conventional · ends Jan 2057$485,845