Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $286,767
- Funds due
- $299,184
- Interest + MI left
- $128,850
- First ends
- Jul 2047
Assumption
Assumption + second
$3,562/mo
+$1,691/mo- Down payment
- $50,767
- Funds due
- $64,885
- Interest + MI left
- $501,514
- First ends
- Jul 2047
New loan
New conventional
$3,542/mo
+$1,671/mo- Down payment
- $50,767
- Funds due
- $61,458
- Interest + MI left
- $656,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,133 | $213,133 | $449,133 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,273.32 | $1,273.32 | $3,042.58 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $187.79 | $187.79 | $89.83 |
| Taxes, insurance & HOA | $410.00 | $410.00 | $410.00 |
| Total housing payment | $1,871.11 | $3,561.84 | $3,542.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,767
Closing costs & prepaids$14,118
Usable credit−$0
Total buyer cash needed$64,885
Earnest money paid−$0
Remaining funds due$64,885
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$212.84
Prepaid interest, second (9 days)$450.99
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 closing20 yr 7 moOf the original 30-year loan at 4.05%
Interest already paid$91,910Through Dec 2026
Assumption only · ends Jul 2047$128,850
Assumption + second · ends Jul 2047, second Jan 2057$501,514
New conventional · ends Jan 2057$656,617