Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,732/mo
Lowest payment- Down payment
- $224,317
- Funds due
- $235,694
- Interest + MI left
- $118,973
- First ends
- Nov 2047
Assumption
Assumption + second
$3,060/mo
+$1,328/mo- Down payment
- $43,317
- Funds due
- $56,301
- Interest + MI left
- $416,094
- First ends
- Nov 2047
New loan
New conventional
$3,049/mo
+$1,316/mo- Down payment
- $43,317
- Funds due
- $52,945
- Interest + MI left
- $558,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,682 | $200,682 | $381,682 |
| Second mortgage | — | $181,000 | — |
| First P&I | $1,169.66 | $1,169.66 | $2,585.65 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $175.87 | $175.87 | $76.34 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,732.20 | $3,060.31 | $3,048.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,317
Closing costs & prepaids$12,985
Usable credit−$0
Total buyer cash needed$56,301
Earnest money paid−$0
Remaining funds due$56,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$510.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$192.49
Prepaid interest, second (9 days)$357.04
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 11 moOf the original 30-year loan at 3.89%
Interest already paid$79,890Through Dec 2026
Assumption only · ends Nov 2047$118,973
Assumption + second · ends Nov 2047, second Jan 2057$416,094
New conventional · ends Jan 2057$558,006