Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $199,795
- Funds due
- $210,774
- Interest + MI left
- $116,732
- First ends
- Jul 2049
Assumption
Assumption + second
$2,793/mo
+$1,181/mo- Down payment
- $38,795
- Funds due
- $51,095
- Interest + MI left
- $381,022
- First ends
- Jul 2049
New loan
New conventional
$2,904/mo
+$1,293/mo- Down payment
- $38,795
- Funds due
- $47,688
- Interest + MI left
- $524,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,105 | $185,105 | $346,105 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,018.17 | $1,018.17 | $2,396.36 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $154.40 | $154.40 | $69.22 |
| Taxes, insurance & HOA | $438.83 | $438.83 | $438.83 |
| Total housing payment | $1,611.41 | $2,792.77 | $2,904.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,795
Closing costs & prepaids$12,300
Usable credit−$0
Total buyer cash needed$51,095
Earnest money paid−$0
Remaining funds due$51,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$560.50
Initial HOA (3 months)$306.00
Prepaid interest, first (2 days)$38.75
Prepaid interest, second (2 days)$70.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.820%
Interest already paid$56,725Through Nov 2026
Assumption only · ends Jul 2049$116,732
Assumption + second · ends Jul 2049, second Dec 2056$381,022
New conventional · ends Dec 2056$524,892