Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,612/mo
Lowest payment- Down payment
- $253,246
- Funds due
- $264,733
- Interest + MI left
- $109,794
- First ends
- Jan 2048
Assumption
Assumption + second
$3,109/mo
+$1,497/mo- Down payment
- $44,246
- Funds due
- $57,382
- Interest + MI left
- $439,822
- First ends
- Jan 2048
New loan
New conventional
$3,120/mo
+$1,508/mo- Down payment
- $44,246
- Funds due
- $54,005
- Interest + MI left
- $571,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,754 | $181,754 | $390,754 |
| Second mortgage | — | $209,000 | — |
| First P&I | $1,058.73 | $1,058.73 | $2,647.10 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $158.23 | $158.23 | $78.15 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,611.95 | $3,109.26 | $3,120.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,246
Closing costs & prepaids$13,136
Usable credit−$0
Total buyer cash needed$57,382
Earnest money paid−$0
Remaining funds due$57,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$176.57
Prepaid interest, second (9 days)$399.39
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 1 moOf the original 30-year loan at 3.94%
Interest already paid$71,660Through Dec 2026
Assumption only · ends Jan 2048$109,794
Assumption + second · ends Jan 2048, second Jan 2057$439,822
New conventional · ends Jan 2057$571,269