Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $238,474
- Funds due
- $249,918
- Interest + MI left
- $117,669
- First ends
- Mar 2047
Assumption
Assumption + second
$3,162/mo
+$1,431/mo- Down payment
- $43,474
- Funds due
- $56,552
- Interest + MI left
- $437,772
- First ends
- Mar 2047
New loan
New conventional
$3,086/mo
+$1,354/mo- Down payment
- $43,474
- Funds due
- $53,169
- Interest + MI left
- $565,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,526 | $191,526 | $386,526 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,171.59 | $1,171.59 | $2,618.46 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $169.70 | $169.70 | $77.31 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,731.29 | $3,162.13 | $3,085.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,474
Closing costs & prepaids$13,078
Usable credit−$0
Total buyer cash needed$56,552
Earnest money paid−$0
Remaining funds due$56,552
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$198.35
Prepaid interest, second (9 days)$384.66
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 3 moOf the original 30-year loan at 4.2%
Interest already paid$89,021Through Dec 2026
Assumption only · ends Mar 2047$117,669
Assumption + second · ends Mar 2047, second Jan 2057$437,772
New conventional · ends Jan 2057$565,165