Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,931/mo
Lowest payment- Down payment
- $202,336
- Funds due
- $214,188
- Interest + MI left
- $106,897
- First ends
- Aug 2047
Assumption
Assumption + second
$3,135/mo
+$1,203/mo- Down payment
- $38,336
- Funds due
- $51,654
- Interest + MI left
- $376,111
- First ends
- Aug 2047
New loan
New conventional
$3,103/mo
+$1,172/mo- Down payment
- $38,336
- Funds due
- $48,291
- Interest + MI left
- $499,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,664 | $177,664 | $341,664 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,054.90 | $1,054.90 | $2,314.55 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $156.33 | $156.33 | $68.33 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $1,931.23 | $3,134.60 | $3,102.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,336
Closing costs & prepaids$13,318
Usable credit−$0
Total buyer cash needed$51,654
Earnest money paid−$0
Remaining funds due$51,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$1,254.00
Prepaid interest, first (6 days)$117.11
Prepaid interest, second (6 days)$215.67
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 8 moOf the original 30-year loan at 4.01%
Interest already paid$75,118Through Dec 2026
Assumption only · ends Aug 2047$106,897
Assumption + second · ends Aug 2047, second Jan 2057$376,111
New conventional · ends Jan 2057$499,569