Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,326/mo
Lowest payment- Down payment
- $299,441
- Funds due
- $313,163
- Interest + MI left
- $174,493
- First ends
- Jun 2049
Assumption
Assumption + second
$4,067/mo
+$1,741/mo- Down payment
- $56,441
- Funds due
- $71,877
- Interest + MI left
- $558,211
- First ends
- Jun 2049
New loan
New conventional
$4,139/mo
+$1,813/mo- Down payment
- $56,441
- Funds due
- $68,425
- Interest + MI left
- $736,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,459 | $260,459 | $503,459 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,481.44 | $1,481.44 | $3,410.61 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $216.65 | $216.65 | $100.69 |
| Taxes, insurance & HOA | $627.67 | $627.67 | $627.67 |
| Total housing payment | $2,325.75 | $4,066.63 | $4,138.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,441
Closing costs & prepaids$15,436
Usable credit−$0
Total buyer cash needed$71,877
Earnest money paid−$0
Remaining funds due$71,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$672.00
Initial HOA (3 months)$711.00
Prepaid interest, first (9 days)$264.60
Prepaid interest, second (9 days)$464.36
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 6 moOf the original 30-year loan at 4.12%
Interest already paid$87,933Through Dec 2026
Assumption only · ends Jun 2049$174,493
Assumption + second · ends Jun 2049, second Jan 2057$558,211
New conventional · ends Jan 2057$736,140