Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $307,692
- Funds due
- $320,673
- Interest + MI left
- $139,653
- First ends
- Mar 2047
Assumption
Assumption + second
$3,885/mo
+$1,820/mo- Down payment
- $53,692
- Funds due
- $68,408
- Interest + MI left
- $540,740
- First ends
- Mar 2047
New loan
New conventional
$3,830/mo
+$1,765/mo- Down payment
- $53,692
- Funds due
- $64,952
- Interest + MI left
- $703,752
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,308 | $227,308 | $481,308 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,390.47 | $1,390.47 | $3,260.55 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $201.41 | $201.41 | $96.26 |
| Taxes, insurance & HOA | $473.34 | $473.34 | $473.34 |
| Total housing payment | $2,065.22 | $3,884.90 | $3,830.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,692
Closing costs & prepaids$14,716
Usable credit−$0
Total buyer cash needed$68,408
Earnest money paid−$0
Remaining funds due$68,408
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$278.01
Prepaid interest, first (9 days)$235.40
Prepaid interest, second (9 days)$485.38
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$105,653Through Dec 2026
Assumption only · ends Mar 2047$139,653
Assumption + second · ends Mar 2047, second Jan 2057$540,740
New conventional · ends Jan 2057$703,752