Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,528/mo
Lowest payment- Down payment
- $223,957
- Funds due
- $234,926
- Interest + MI left
- $103,239
- First ends
- Jun 2047
Assumption
Assumption + second
$2,878/mo
+$1,350/mo- Down payment
- $39,957
- Funds due
- $52,539
- Interest + MI left
- $405,285
- First ends
- Jun 2047
New loan
New conventional
$2,815/mo
+$1,287/mo- Down payment
- $39,957
- Funds due
- $49,174
- Interest + MI left
- $511,751
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,043 | $166,043 | $350,043 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,007.85 | $1,007.85 | $2,371.31 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $145.99 | $145.99 | $70.01 |
| Taxes, insurance & HOA | $374.00 | $374.00 | $374.00 |
| Total housing payment | $1,527.84 | $2,877.96 | $2,815.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,957
Closing costs & prepaids$12,582
Usable credit−$0
Total buyer cash needed$52,539
Earnest money paid−$0
Remaining funds due$52,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$171.96
Prepaid interest, second (9 days)$362.96
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 6 moOf the original 30-year loan at 4.2%
Interest already paid$74,841Through Dec 2026
Assumption only · ends Jun 2047$103,239
Assumption + second · ends Jun 2047, second Jan 2057$405,285
New conventional · ends Jan 2057$511,751