Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $173,053
- Funds due
- $183,432
- Interest + MI left
- $118,459
- First ends
- Jul 2049
Assumption
Assumption + second
$2,470/mo
+$1,013/mo- Down payment
- $35,053
- Funds due
- $46,954
- Interest + MI left
- $344,993
- First ends
- Jul 2049
New loan
New conventional
$2,505/mo
+$1,047/mo- Down payment
- $35,053
- Funds due
- $43,660
- Interest + MI left
- $460,505
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,947 | $176,947 | $314,947 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,002.26 | $1,002.26 | $2,133.56 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $146.92 | $146.92 | $62.99 |
| Taxes, insurance & HOA | $308.33 | $308.33 | $308.33 |
| Total housing payment | $1,457.51 | $2,470.11 | $2,504.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,053
Closing costs & prepaids$11,901
Usable credit−$0
Total buyer cash needed$46,954
Earnest money paid−$0
Remaining funds due$46,954
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)$54.99
Prepaid interest, first (9 days)$178.89
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 7 moOf the original 30-year loan at 4.1%
Interest already paid$58,726Through Dec 2026
Assumption only · ends Jul 2049$118,459
Assumption + second · ends Jul 2049, second Jan 2057$344,993
New conventional · ends Jan 2057$460,505