Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,925/mo
Lowest payment- Down payment
- $232,230
- Funds due
- $244,541
- Interest + MI left
- $89,927
- First ends
- Oct 2047
Assumption
Assumption + second
$3,312/mo
+$1,387/mo- Down payment
- $43,230
- Funds due
- $57,081
- Interest + MI left
- $400,181
- First ends
- Oct 2047
New loan
New conventional
$3,388/mo
+$1,462/mo- Down payment
- $43,230
- Funds due
- $53,723
- Interest + MI left
- $558,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,770 | $192,770 | $381,770 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,036.94 | $1,036.94 | $2,586.24 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $163.16 | $163.16 | $76.35 |
| Taxes, insurance & HOA | $725.00 | $725.00 | $725.00 |
| Total housing payment | $1,925.10 | $3,311.92 | $3,387.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,230
Closing costs & prepaids$13,851
Usable credit−$0
Total buyer cash needed$57,081
Earnest money paid−$0
Remaining funds due$57,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$1,215.00
Prepaid interest, first (7 days)$110.54
Prepaid interest, second (7 days)$289.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 27-year loan at 2.99%
Interest already paid$39,161Through Dec 2026
Assumption only · ends Oct 2047$89,927
Assumption + second · ends Oct 2047, second Jan 2057$400,181
New conventional · ends Jan 2057$558,135