Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $200,436
- Funds due
- $211,729
- Interest + MI left
- $79,578
- First ends
- Feb 2047
Assumption
Assumption + second
$2,867/mo
+$1,211/mo- Down payment
- $35,436
- Funds due
- $48,124
- Interest + MI left
- $350,434
- First ends
- Feb 2047
New loan
New conventional
$2,832/mo
+$1,175/mo- Down payment
- $35,436
- Funds due
- $44,761
- Interest + MI left
- $454,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,464 | $149,464 | $314,464 |
| Second mortgage | — | $165,000 | — |
| First P&I | $867.28 | $867.28 | $2,115.42 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $135.62 | $135.62 | $62.89 |
| Taxes, insurance & HOA | $653.42 | $653.42 | $653.42 |
| Total housing payment | $1,656.32 | $2,867.03 | $2,831.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,436
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$48,124
Earnest money paid−$0
Remaining funds due$48,124
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Initial HOA (3 months)$618.00
Prepaid interest, first (4 days)$58.48
Prepaid interest, second (4 days)$144.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2 moOf the original 30-year loan at 3.57%
Interest already paid$60,334Through Dec 2026
Assumption only · ends Feb 2047$79,578
Assumption + second · ends Feb 2047, second Jan 2057$350,434
New conventional · ends Jan 2057$454,383