Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $217,053
- Funds due
- $228,512
- Interest + MI left
- $137,282
- First ends
- Oct 2047
Assumption
Assumption + second
$3,171/mo
+$1,262/mo- Down payment
- $45,053
- Funds due
- $57,988
- Interest + MI left
- $419,629
- First ends
- Oct 2047
New loan
New conventional
$3,166/mo
+$1,257/mo- Down payment
- $45,053
- Funds due
- $54,589
- Interest + MI left
- $590,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,947 | $231,947 | $403,947 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,356.62 | $1,356.62 | $2,736.48 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $203.73 | $203.73 | $80.79 |
| Taxes, insurance & HOA | $348.33 | $348.33 | $348.33 |
| Total housing payment | $1,908.68 | $3,170.76 | $3,165.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,053
Closing costs & prepaids$12,935
Usable credit−$0
Total buyer cash needed$57,988
Earnest money paid−$0
Remaining funds due$57,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$148.70
Prepaid interest, second (6 days)$226.19
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 10 moOf the original 30-year loan at 3.9%
Interest already paid$93,554Through Dec 2026
Assumption only · ends Oct 2047$137,282
Assumption + second · ends Oct 2047, second Jan 2057$419,629
New conventional · ends Jan 2057$590,637