Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $178,637
- Funds due
- $189,574
- Interest + MI left
- $122,416
- First ends
- Nov 2049
Assumption
Assumption + second
$2,667/mo
+$1,027/mo- Down payment
- $38,637
- Funds due
- $51,100
- Interest + MI left
- $352,233
- First ends
- Nov 2049
New loan
New conventional
$2,775/mo
+$1,135/mo- Down payment
- $38,637
- Funds due
- $47,812
- Interest + MI left
- $499,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,362 | $201,362 | $341,362 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,078.51 | $1,078.51 | $2,312.51 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $167.62 | $167.62 | $68.27 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $1,640.12 | $2,667.39 | $2,774.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,637
Closing costs & prepaids$12,463
Usable credit−$0
Total buyer cash needed$51,100
Earnest money paid−$0
Remaining funds due$51,100
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$276.00
Prepaid interest, first (9 days)$179.74
Prepaid interest, second (9 days)$276.16
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 closing22 yr 11 moOf the original 30-year loan at 3.62%
Interest already paid$56,401Through Dec 2026
Assumption only · ends Nov 2049$122,416
Assumption + second · ends Nov 2049, second Jan 2057$352,233
New conventional · ends Jan 2057$499,059