Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $228,274
- Funds due
- $238,970
- Interest + MI left
- $90,315
- First ends
- Apr 2047
Assumption
Assumption + second
$2,758/mo
+$1,394/mo- Down payment
- $38,274
- Funds due
- $50,595
- Interest + MI left
- $402,210
- First ends
- Apr 2047
New loan
New conventional
$2,688/mo
+$1,324/mo- Down payment
- $38,274
- Funds due
- $47,232
- Interest + MI left
- $492,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,726 | $146,726 | $336,726 |
| Second mortgage | — | $190,000 | — |
| First P&I | $894.42 | $894.42 | $2,281.10 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $129.71 | $129.71 | $67.35 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $1,364.14 | $2,758.29 | $2,688.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,274
Closing costs & prepaids$12,321
Usable credit−$0
Total buyer cash needed$50,595
Earnest money paid−$0
Remaining funds due$50,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$151.59
Prepaid interest, second (9 days)$374.79
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 closing20 yr 4 moOf the original 30-year loan at 4.19%
Interest already paid$67,358Through Dec 2026
Assumption only · ends Apr 2047$90,315
Assumption + second · ends Apr 2047, second Jan 2057$402,210
New conventional · ends Jan 2057$492,282