Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,256/mo
Lowest payment- Down payment
- $190,641
- Funds due
- $202,987
- Interest + MI left
- $153,201
- First ends
- Nov 2048
Assumption
Assumption + second
$3,356/mo
+$1,101/mo- Down payment
- $40,641
- Funds due
- $54,435
- Interest + MI left
- $399,434
- First ends
- Nov 2048
New loan
New conventional
$3,328/mo
+$1,073/mo- Down payment
- $40,641
- Funds due
- $51,051
- Interest + MI left
- $532,753
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,359 | $214,359 | $364,359 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,289.31 | $1,289.31 | $2,468.29 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $179.19 | $179.19 | $72.87 |
| Taxes, insurance & HOA | $787.00 | $787.00 | $787.00 |
| Total housing payment | $2,255.50 | $3,356.15 | $3,328.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,641
Closing costs & prepaids$13,794
Usable credit−$0
Total buyer cash needed$54,435
Earnest money paid−$0
Remaining funds due$54,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$1,425.00
Prepaid interest, first (6 days)$160.33
Prepaid interest, second (6 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 4.55%
Interest already paid$86,447Through Dec 2026
Assumption only · ends Nov 2048$153,201
Assumption + second · ends Nov 2048, second Jan 2057$399,434
New conventional · ends Jan 2057$532,753