Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $395,692
- Funds due
- $409,524
- Interest + MI left
- $164,525
- First ends
- Dec 2048
Assumption
Assumption + second
$4,403/mo
+$2,386/mo- Down payment
- $62,692
- Funds due
- $78,411
- Interest + MI left
- $690,360
- First ends
- Dec 2048
New loan
New conventional
$4,372/mo
+$2,354/mo- Down payment
- $62,692
- Funds due
- $74,836
- Interest + MI left
- $822,187
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,308 | $229,308 | $562,308 |
| Second mortgage | — | $333,000 | — |
| First P&I | $1,376.18 | $1,376.18 | $3,809.27 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | $191.26 | $191.26 | $112.46 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $2,017.44 | $4,403.09 | $4,371.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,692
Closing costs & prepaids$15,719
Usable credit−$0
Total buyer cash needed$78,411
Earnest money paid−$0
Remaining funds due$78,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$257.26
Prepaid interest, second (9 days)$636.35
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 closing22 yrOf the original 30-year loan at 4.55%
Interest already paid$91,402Through Dec 2026
Assumption only · ends Dec 2048$164,525
Assumption + second · ends Dec 2048, second Jan 2057$690,360
New conventional · ends Jan 2057$822,187