Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $214,744
- Funds due
- $226,899
- Interest + MI left
- $159,499
- First ends
- Oct 2049
Assumption
Assumption + second
$3,240/mo
+$1,225/mo- Down payment
- $47,744
- Funds due
- $61,479
- Interest + MI left
- $433,638
- First ends
- Oct 2049
New loan
New conventional
$3,360/mo
+$1,345/mo- Down payment
- $47,744
- Funds due
- $58,133
- Interest + MI left
- $617,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,256 | $255,256 | $422,256 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,388.03 | $1,388.03 | $2,860.51 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $212.30 | $212.30 | $84.45 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $2,015.00 | $3,240.38 | $3,359.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,744
Closing costs & prepaids$13,734
Usable credit−$0
Total buyer cash needed$61,479
Earnest money paid−$0
Remaining funds due$61,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$236.02
Prepaid interest, second (9 days)$329.42
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 30-year loan at 3.75%
Interest already paid$74,911Through Dec 2026
Assumption only · ends Oct 2049$159,499
Assumption + second · ends Oct 2049, second Jan 2057$433,638
New conventional · ends Jan 2057$617,324