Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,788/mo
Lowest payment- Down payment
- $392,409
- Funds due
- $405,812
- Interest + MI left
- $104,962
- First ends
- Jan 2047
Assumption
Assumption + second
$4,167/mo
+$2,378/mo- Down payment
- $60,409
- Funds due
- $75,696
- Interest + MI left
- $629,218
- First ends
- Jan 2047
New loan
New conventional
$4,163/mo
+$2,375/mo- Down payment
- $60,409
- Funds due
- $72,180
- Interest + MI left
- $781,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,591 | $202,591 | $534,591 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,168.45 | $1,168.45 | $3,621.51 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $185.00 | $185.00 | $106.92 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $1,788.13 | $4,166.61 | $4,163.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,409
Closing costs & prepaids$15,287
Usable credit−$0
Total buyer cash needed$75,696
Earnest money paid−$0
Remaining funds due$75,696
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$173.34
Prepaid interest, second (9 days)$634.44
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 1 moOf the original 30-year loan at 3.47%
Interest already paid$80,455Through Dec 2026
Assumption only · ends Jan 2047$104,962
Assumption + second · ends Jan 2047, second Jan 2057$629,218
New conventional · ends Jan 2057$781,554