Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,381/mo
Lowest payment- Down payment
- $205,425
- Funds due
- $215,973
- Interest + MI left
- $88,242
- First ends
- Apr 2047
Assumption
Assumption + second
$2,629/mo
+$1,247/mo- Down payment
- $35,425
- Funds due
- $47,558
- Interest + MI left
- $367,306
- First ends
- Apr 2047
New loan
New conventional
$2,569/mo
+$1,188/mo- Down payment
- $35,425
- Funds due
- $44,228
- Interest + MI left
- $459,961
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,575 | $144,575 | $314,575 |
| Second mortgage | — | $170,000 | — |
| First P&I | $878.23 | $878.23 | $2,131.04 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $127.97 | $127.97 | $62.92 |
| Taxes, insurance & HOA | $375.00 | $375.00 | $375.00 |
| Total housing payment | $1,381.20 | $2,628.60 | $2,568.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,425
Closing costs & prepaids$12,133
Usable credit−$0
Total buyer cash needed$47,558
Earnest money paid−$0
Remaining funds due$47,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$147.94
Prepaid interest, second (9 days)$335.34
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 closing20 yr 4 moOf the original 30-year loan at 4.15%
Interest already paid$65,782Through Dec 2026
Assumption only · ends Apr 2047$88,242
Assumption + second · ends Apr 2047, second Jan 2057$367,306
New conventional · ends Jan 2057$459,961