Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $267,042
- Funds due
- $278,684
- Interest + MI left
- $115,697
- First ends
- Sep 2049
Assumption
Assumption + second
$3,144/mo
+$1,590/mo- Down payment
- $45,042
- Funds due
- $58,358
- Interest + MI left
- $466,254
- First ends
- Sep 2049
New loan
New conventional
$3,219/mo
+$1,665/mo- Down payment
- $45,042
- Funds due
- $54,977
- Interest + MI left
- $590,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,958 | $181,958 | $403,958 |
| Second mortgage | — | $222,000 | — |
| First P&I | $1,000.51 | $1,000.51 | $2,736.55 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $151.35 | $151.35 | $80.79 |
| Taxes, insurance & HOA | $401.58 | $401.58 | $401.58 |
| Total housing payment | $1,553.44 | $3,143.88 | $3,218.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,042
Closing costs & prepaids$13,316
Usable credit−$0
Total buyer cash needed$58,358
Earnest money paid−$0
Remaining funds due$58,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$172.29
Prepaid interest, second (9 days)$424.23
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 9 moOf the original 30-year loan at 3.84%
Interest already paid$55,327Through Dec 2026
Assumption only · ends Sep 2049$115,697
Assumption + second · ends Sep 2049, second Jan 2057$466,254
New conventional · ends Jan 2057$590,653