Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $244,224
- Funds due
- $255,998
- Interest + MI left
- $127,881
- First ends
- Jun 2047
Assumption
Assumption + second
$3,318/mo
+$1,460/mo- Down payment
- $45,224
- Funds due
- $58,641
- Interest + MI left
- $454,550
- First ends
- Jun 2047
New loan
New conventional
$3,251/mo
+$1,393/mo- Down payment
- $45,224
- Funds due
- $55,249
- Interest + MI left
- $591,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,676 | $205,676 | $404,676 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,248.41 | $1,248.41 | $2,741.42 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $180.83 | $180.83 | $80.94 |
| Taxes, insurance & HOA | $429.00 | $429.00 | $429.00 |
| Total housing payment | $1,858.24 | $3,318.43 | $3,251.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,224
Closing costs & prepaids$13,417
Usable credit−$0
Total buyer cash needed$58,641
Earnest money paid−$0
Remaining funds due$58,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$213.00
Prepaid interest, second (9 days)$392.55
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 6 moOf the original 30-year loan at 4.2%
Interest already paid$92,705Through Dec 2026
Assumption only · ends Jun 2047$127,881
Assumption + second · ends Jun 2047, second Jan 2057$454,550
New conventional · ends Jan 2057$591,703