Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,413/mo
Lowest payment- Down payment
- $198,186
- Funds due
- $209,124
- Interest + MI left
- $66,140
- First ends
- Nov 2047
Assumption
Assumption + second
$2,639/mo
+$1,225/mo- Down payment
- $31,186
- Funds due
- $43,594
- Interest + MI left
- $340,280
- First ends
- Nov 2047
New loan
New conventional
$2,609/mo
+$1,195/mo- Down payment
- $31,186
- Funds due
- $40,270
- Interest + MI left
- $407,672
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,814 | $111,814 | $278,814 |
| Second mortgage | — | $167,000 | — |
| First P&I | $651.11 | $651.11 | $1,888.78 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $98.02 | $98.02 | $55.76 |
| Taxes, insurance & HOA | $664.00 | $664.00 | $664.00 |
| Total housing payment | $1,413.13 | $2,638.52 | $2,608.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,186
Closing costs & prepaids$12,408
Usable credit−$0
Total buyer cash needed$43,594
Earnest money paid−$0
Remaining funds due$43,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$1,170.00
Prepaid interest, first (6 days)$71.32
Prepaid interest, second (6 days)$219.62
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$44,405Through Dec 2026
Assumption only · ends Nov 2047$66,140
Assumption + second · ends Nov 2047, second Jan 2057$340,280
New conventional · ends Jan 2057$407,672