Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,624/mo
Lowest payment- Down payment
- $261,909
- Funds due
- $273,493
- Interest + MI left
- $106,348
- First ends
- Aug 2047
Assumption
Assumption + second
$3,179/mo
+$1,555/mo- Down payment
- $44,909
- Funds due
- $58,158
- Interest + MI left
- $449,010
- First ends
- Aug 2047
New loan
New conventional
$3,171/mo
+$1,547/mo- Down payment
- $44,909
- Funds due
- $54,771
- Interest + MI left
- $579,071
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,091 | $179,091 | $396,091 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,057.69 | $1,057.69 | $2,683.26 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $157.88 | $157.88 | $79.22 |
| Taxes, insurance & HOA | $408.42 | $408.42 | $408.42 |
| Total housing payment | $1,623.98 | $3,178.60 | $3,170.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,909
Closing costs & prepaids$13,249
Usable credit−$0
Total buyer cash needed$58,158
Earnest money paid−$0
Remaining funds due$58,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,410.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$529.25
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$174.43
Prepaid interest, second (9 days)$414.68
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 8 moOf the original 30-year loan at 3.95%
Interest already paid$74,664Through Dec 2026
Assumption only · ends Aug 2047$106,348
Assumption + second · ends Aug 2047, second Jan 2057$449,010
New conventional · ends Jan 2057$579,071