Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $441,303
- Funds due
- $455,156
- Interest + MI left
- $107,836
- First ends
- Nov 2047
Assumption
Assumption + second
$4,422/mo
+$2,715/mo- Down payment
- $62,303
- Funds due
- $78,130
- Interest + MI left
- $706,308
- First ends
- Nov 2047
New loan
New conventional
$4,391/mo
+$2,684/mo- Down payment
- $62,303
- Funds due
- $74,545
- Interest + MI left
- $815,445
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,697 | $178,697 | $557,697 |
| Second mortgage | — | $379,000 | — |
| First P&I | $1,049.10 | $1,049.10 | $3,778.03 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | $156.22 | $156.22 | $111.54 |
| Taxes, insurance & HOA | $501.00 | $501.00 | $501.00 |
| Total housing payment | $1,706.31 | $4,421.51 | $4,390.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,303
Closing costs & prepaids$15,827
Usable credit−$0
Total buyer cash needed$78,130
Earnest money paid−$0
Remaining funds due$78,130
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$744.00
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$174.93
Prepaid interest, second (9 days)$724.25
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 11 moOf the original 30-year loan at 3.97%
Interest already paid$72,506Through Dec 2026
Assumption only · ends Nov 2047$107,836
Assumption + second · ends Nov 2047, second Jan 2057$706,308
New conventional · ends Jan 2057$815,445