Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $180,503
- Funds due
- $192,723
- Interest + MI left
- $207,339
- First ends
- Sep 2049
Assumption
Assumption + second
$3,337/mo
+$961/mo- Down payment
- $49,503
- Funds due
- $63,145
- Interest + MI left
- $422,383
- First ends
- Sep 2049
New loan
New conventional
$3,452/mo
+$1,076/mo- Down payment
- $49,503
- Funds due
- $59,741
- Interest + MI left
- $644,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,497 | $309,497 | $440,497 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,740.20 | $1,740.20 | $2,984.08 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $256.02 | $256.02 | $88.10 |
| Taxes, insurance & HOA | $379.34 | $379.34 | $379.34 |
| Total housing payment | $2,375.56 | $3,336.79 | $3,451.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,503
Closing costs & prepaids$13,642
Usable credit−$0
Total buyer cash needed$63,145
Earnest money paid−$0
Remaining funds due$63,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$207.07
Prepaid interest, second (6 days)$172.27
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 closing22 yr 9 moOf the original 30-year loan at 4.07%
Interest already paid$99,452Through Dec 2026
Assumption only · ends Sep 2049$207,339
Assumption + second · ends Sep 2049, second Jan 2057$422,383
New conventional · ends Jan 2057$644,079