Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $448,521
- Funds due
- $462,827
- Interest + MI left
- $115,816
- First ends
- Apr 2046
Assumption
Assumption + second
$4,738/mo
+$2,737/mo- Down payment
- $66,521
- Funds due
- $82,807
- Interest + MI left
- $719,026
- First ends
- Apr 2046
New loan
New conventional
$4,649/mo
+$2,648/mo- Down payment
- $66,521
- Funds due
- $79,210
- Interest + MI left
- $867,764
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,479 | $211,479 | $593,479 |
| Second mortgage | — | $382,000 | — |
| First P&I | $1,296.09 | $1,296.09 | $4,020.43 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | $195.35 | $195.35 | $118.70 |
| Taxes, insurance & HOA | $509.67 | $509.67 | $509.67 |
| Total housing payment | $2,001.11 | $4,737.80 | $4,648.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,521
Closing costs & prepaids$16,286
Usable credit−$0
Total buyer cash needed$82,807
Earnest money paid−$0
Remaining funds due$82,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$792.00
Initial HOA (3 months)$237.00
Prepaid interest, first (9 days)$201.80
Prepaid interest, second (9 days)$729.99
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 closing19 yr 4 moOf the original 30-year loan at 3.87%
Interest already paid$101,586Through Dec 2026
Assumption only · ends Apr 2046$115,816
Assumption + second · ends Apr 2046, second Jan 2057$719,026
New conventional · ends Jan 2057$867,764