Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $248,732
- Funds due
- $261,080
- Interest + MI left
- $100,286
- First ends
- Mar 2048
Assumption
Assumption + second
$3,290/mo
+$1,433/mo- Down payment
- $48,732
- Funds due
- $62,712
- Interest + MI left
- $416,103
- First ends
- Mar 2048
New loan
New conventional
$3,481/mo
+$1,624/mo- Down payment
- $48,732
- Funds due
- $59,404
- Interest + MI left
- $630,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,268 | $231,268 | $431,268 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,189.40 | $1,189.40 | $2,921.56 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $194.36 | $194.36 | $86.25 |
| Taxes, insurance & HOA | $473.67 | $473.67 | $473.67 |
| Total housing payment | $1,857.43 | $3,290.25 | $3,481.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,732
Closing costs & prepaids$13,980
Usable credit−$0
Total buyer cash needed$62,712
Earnest money paid−$0
Remaining funds due$62,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$152.26
Prepaid interest, second (9 days)$382.19
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 closing21 yr 3 moOf the original 27-year loan at 2.67%
Interest already paid$38,948Through Dec 2026
Assumption only · ends Mar 2048$100,286
Assumption + second · ends Mar 2048, second Jan 2057$416,103
New conventional · ends Jan 2057$630,499