Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,328/mo
Lowest payment- Down payment
- $255,360
- Funds due
- $268,361
- Interest + MI left
- $199,454
- First ends
- Apr 2049
Assumption
Assumption + second
$3,775/mo
+$1,447/mo- Down payment
- $53,360
- Funds due
- $67,997
- Interest + MI left
- $518,429
- First ends
- Apr 2049
New loan
New conventional
$3,779/mo
+$1,451/mo- Down payment
- $53,360
- Funds due
- $64,555
- Interest + MI left
- $689,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,640 | $269,640 | $471,640 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,615.42 | $1,615.42 | $3,195.05 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $222.56 | $222.56 | $94.33 |
| Taxes, insurance & HOA | $489.67 | $489.67 | $489.67 |
| Total housing payment | $2,327.64 | $3,774.79 | $3,779.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,360
Closing costs & prepaids$14,638
Usable credit−$0
Total buyer cash needed$67,997
Earnest money paid−$0
Remaining funds due$67,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$307.50
Prepaid interest, second (9 days)$386.01
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 closing22 yr 4 moOf the original 30-year loan at 4.625%
Interest already paid$104,060Through Dec 2026
Assumption only · ends Apr 2049$199,454
Assumption + second · ends Apr 2049, second Jan 2057$518,429
New conventional · ends Jan 2057$689,521