Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $178,224
- Funds due
- $188,993
- Interest + MI left
- $116,043
- First ends
- Jul 2049
Assumption
Assumption + second
$2,604/mo
+$1,035/mo- Down payment
- $37,224
- Funds due
- $49,521
- Interest + MI left
- $347,502
- First ends
- Jul 2049
New loan
New conventional
$2,669/mo
+$1,099/mo- Down payment
- $37,224
- Funds due
- $46,224
- Interest + MI left
- $476,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,676 | $184,676 | $325,676 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,018.17 | $1,018.17 | $2,206.24 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $154.40 | $154.40 | $65.14 |
| Taxes, insurance & HOA | $397.17 | $397.17 | $397.17 |
| Total housing payment | $1,569.74 | $2,604.35 | $2,668.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,224
Closing costs & prepaids$12,298
Usable credit−$0
Total buyer cash needed$49,521
Earnest money paid−$0
Remaining funds due$49,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,629.00
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)$435.50
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$173.95
Prepaid interest, second (9 days)$278.14
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 3.82%
Interest already paid$57,315Through Dec 2026
Assumption only · ends Jul 2049$116,043
Assumption + second · ends Jul 2049, second Jan 2057$347,502
New conventional · ends Jan 2057$476,127