Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $176,582
- Funds due
- $187,382
- Interest + MI left
- $123,377
- First ends
- Oct 2049
Assumption
Assumption + second
$2,623/mo
+$1,013/mo- Down payment
- $38,582
- Funds due
- $50,904
- Interest + MI left
- $349,911
- First ends
- Oct 2049
New loan
New conventional
$2,729/mo
+$1,119/mo- Down payment
- $38,582
- Funds due
- $47,619
- Interest + MI left
- $499,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,417 | $203,417 | $341,417 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,092.61 | $1,092.61 | $2,312.88 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $169.70 | $169.70 | $68.28 |
| Taxes, insurance & HOA | $347.67 | $347.67 | $347.67 |
| Total housing payment | $1,609.98 | $2,622.58 | $2,728.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,582
Closing costs & prepaids$12,322
Usable credit−$0
Total buyer cash needed$50,904
Earnest money paid−$0
Remaining funds due$50,904
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)$137.01
Prepaid interest, first (9 days)$181.82
Prepaid interest, second (9 days)$272.22
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 10 moOf the original 30-year loan at 3.625%
Interest already paid$57,801Through Dec 2026
Assumption only · ends Oct 2049$123,377
Assumption + second · ends Oct 2049, second Jan 2057$349,911
New conventional · ends Jan 2057$499,140