Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,334/mo
Lowest payment- Down payment
- $189,397
- Funds due
- $199,596
- Interest + MI left
- $91,983
- First ends
- Nov 2047
Assumption
Assumption + second
$2,464/mo
+$1,130/mo- Down payment
- $35,397
- Funds due
- $47,049
- Interest + MI left
- $344,782
- First ends
- Nov 2047
New loan
New conventional
$2,451/mo
+$1,117/mo- Down payment
- $35,397
- Funds due
- $43,709
- Interest + MI left
- $452,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,503 | $155,503 | $309,503 |
| Second mortgage | — | $154,000 | — |
| First P&I | $905.52 | $905.52 | $2,096.68 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $136.32 | $136.32 | $61.90 |
| Taxes, insurance & HOA | $292.17 | $292.17 | $292.17 |
| Total housing payment | $1,334.01 | $2,464.00 | $2,450.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,397
Closing costs & prepaids$11,652
Usable credit−$0
Total buyer cash needed$47,049
Earnest money paid−$0
Remaining funds due$47,049
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$414.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$99.18
Prepaid interest, second (6 days)$202.52
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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$61,756Through Dec 2026
Assumption only · ends Nov 2047$91,983
Assumption + second · ends Nov 2047, second Jan 2057$344,782
New conventional · ends Jan 2057$452,483