Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,311/mo
Lowest payment- Down payment
- $246,756
- Funds due
- $260,016
- Interest + MI left
- $134,567
- First ends
- Sep 2047
Assumption
Assumption + second
$3,771/mo
+$1,460/mo- Down payment
- $47,756
- Funds due
- $62,658
- Interest + MI left
- $461,236
- First ends
- Sep 2047
New loan
New conventional
$3,751/mo
+$1,440/mo- Down payment
- $47,756
- Funds due
- $59,275
- Interest + MI left
- $624,700
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,243 | $228,243 | $427,243 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,338.43 | $1,338.43 | $2,894.29 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $201.00 | $201.00 | $85.45 |
| Taxes, insurance & HOA | $771.67 | $771.67 | $771.67 |
| Total housing payment | $2,311.10 | $3,771.29 | $3,751.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,756
Closing costs & prepaids$14,902
Usable credit−$0
Total buyer cash needed$62,658
Earnest money paid−$0
Remaining funds due$62,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.99
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)$570.00
Initial HOA (3 months)$1,245.00
Prepaid interest, first (9 days)$219.49
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 9 moOf the original 30-year loan at 3.9%
Interest already paid$93,043Through Dec 2026
Assumption only · ends Sep 2047$134,567
Assumption + second · ends Sep 2047, second Jan 2057$461,236
New conventional · ends Jan 2057$624,700