Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,110/mo
Lowest payment- Down payment
- $200,899
- Funds due
- $210,983
- Interest + MI left
- $54,118
- First ends
- Jan 2046
Assumption
Assumption + second
$2,357/mo
+$1,247/mo- Down payment
- $30,899
- Funds due
- $42,568
- Interest + MI left
- $333,182
- First ends
- Jan 2046
New loan
New conventional
$2,277/mo
+$1,168/mo- Down payment
- $30,899
- Funds due
- $39,252
- Interest + MI left
- $391,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,101 | $98,101 | $268,101 |
| Second mortgage | — | $170,000 | — |
| First P&I | $611.12 | $611.12 | $1,816.21 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $91.11 | $91.11 | $53.62 |
| Taxes, insurance & HOA | $407.58 | $407.58 | $407.58 |
| Total housing payment | $1,109.82 | $2,357.22 | $2,277.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,899
Closing costs & prepaids$11,669
Usable credit−$0
Total buyer cash needed$42,568
Earnest money paid−$0
Remaining funds due$42,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$414.00
Prepaid interest, first (9 days)$95.79
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 closing19 yr 1 moOf the original 30-year loan at 3.96%
Interest already paid$49,531Through Dec 2026
Assumption only · ends Jan 2046$54,118
Assumption + second · ends Jan 2046, second Jan 2057$333,182
New conventional · ends Jan 2057$391,901