Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,208/mo
Lowest payment- Down payment
- $182,303
- Funds due
- $194,327
- Interest + MI left
- $182,832
- First ends
- Oct 2049
Assumption
Assumption + second
$3,191/mo
+$983/mo- Down payment
- $48,303
- Funds due
- $61,754
- Interest + MI left
- $402,800
- First ends
- Oct 2049
New loan
New conventional
$3,349/mo
+$1,141/mo- Down payment
- $48,303
- Funds due
- $58,367
- Interest + MI left
- $623,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,597 | $292,597 | $426,597 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,591.08 | $1,591.08 | $2,889.92 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $243.36 | $243.36 | $85.32 |
| Taxes, insurance & HOA | $373.34 | $373.34 | $373.34 |
| Total housing payment | $2,207.78 | $3,191.02 | $3,348.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,303
Closing costs & prepaids$13,451
Usable credit−$0
Total buyer cash needed$61,754
Earnest money paid−$0
Remaining funds due$61,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$570.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$180.37
Prepaid interest, second (6 days)$176.22
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 10 moOf the original 30-year loan at 3.75%
Interest already paid$85,869Through Dec 2026
Assumption only · ends Oct 2049$182,832
Assumption + second · ends Oct 2049, second Jan 2057$402,800
New conventional · ends Jan 2057$623,670