Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $213,216
- Funds due
- $224,130
- Interest + MI left
- $114,707
- First ends
- Oct 2048
Assumption
Assumption + second
$2,796/mo
+$1,284/mo- Down payment
- $38,216
- Funds due
- $50,726
- Interest + MI left
- $401,979
- First ends
- Oct 2048
New loan
New conventional
$2,752/mo
+$1,240/mo- Down payment
- $38,216
- Funds due
- $47,364
- Interest + MI left
- $492,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,784 | $161,784 | $336,784 |
| Second mortgage | — | $175,000 | — |
| First P&I | $973.47 | $973.47 | $2,281.49 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $135.61 | $135.61 | $67.36 |
| Taxes, insurance & HOA | $403.00 | $403.00 | $403.00 |
| Total housing payment | $1,512.09 | $2,796.17 | $2,751.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,216
Closing costs & prepaids$12,510
Usable credit−$0
Total buyer cash needed$50,726
Earnest money paid−$0
Remaining funds due$50,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$180.71
Prepaid interest, second (9 days)$345.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yr 10 moOf the original 30-year loan at 4.53%
Interest already paid$65,733Through Dec 2026
Assumption only · ends Oct 2048$114,707
Assumption + second · ends Oct 2048, second Jan 2057$401,979
New conventional · ends Jan 2057$492,367