Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $279,564
- Funds due
- $291,833
- Interest + MI left
- $89,764
- First ends
- Feb 2047
Assumption
Assumption + second
$3,382/mo
+$1,655/mo- Down payment
- $48,564
- Funds due
- $62,524
- Interest + MI left
- $454,532
- First ends
- Feb 2047
New loan
New conventional
$3,477/mo
+$1,750/mo- Down payment
- $48,564
- Funds due
- $59,174
- Interest + MI left
- $638,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,436 | $205,436 | $436,436 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,120.15 | $1,120.15 | $2,956.57 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $174.11 | $174.11 | $87.29 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $1,726.93 | $3,381.84 | $3,476.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,564
Closing costs & prepaids$13,960
Usable credit−$0
Total buyer cash needed$62,524
Earnest money paid−$0
Remaining funds due$62,524
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$145.89
Prepaid interest, second (9 days)$441.43
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 2 moOf the original 26-year loan at 2.88%
Interest already paid$38,047Through Dec 2026
Assumption only · ends Feb 2047$89,764
Assumption + second · ends Feb 2047, second Jan 2057$454,532
New conventional · ends Jan 2057$638,142