Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $334,499
- Funds due
- $347,426
- Interest + MI left
- $124,632
- First ends
- Apr 2047
Assumption
Assumption + second
$3,881/mo
+$2,006/mo- Down payment
- $54,499
- Funds due
- $69,211
- Interest + MI left
- $566,775
- First ends
- Apr 2047
New loan
New conventional
$3,834/mo
+$1,959/mo- Down payment
- $54,499
- Funds due
- $65,732
- Interest + MI left
- $709,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,501 | $205,501 | $485,501 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,245.05 | $1,245.05 | $3,288.95 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $182.08 | $182.08 | $97.10 |
| Taxes, insurance & HOA | $447.67 | $447.67 | $447.67 |
| Total housing payment | $1,874.79 | $3,880.74 | $3,833.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,499
Closing costs & prepaids$14,712
Usable credit−$0
Total buyer cash needed$69,211
Earnest money paid−$0
Remaining funds due$69,211
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$648.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$208.77
Prepaid interest, second (9 days)$535.07
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 4 moOf the original 30-year loan at 4.12%
Interest already paid$92,876Through Dec 2026
Assumption only · ends Apr 2047$124,632
Assumption + second · ends Apr 2047, second Jan 2057$566,775
New conventional · ends Jan 2057$709,883