Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $222,314
- Funds due
- $233,702
- Interest + MI left
- $144,335
- First ends
- Aug 2048
Assumption
Assumption + second
$3,094/mo
+$1,313/mo- Down payment
- $43,314
- Funds due
- $56,305
- Interest + MI left
- $438,173
- First ends
- Aug 2048
New loan
New conventional
$3,040/mo
+$1,260/mo- Down payment
- $43,314
- Funds due
- $52,916
- Interest + MI left
- $558,012
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,686 | $202,686 | $381,686 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,231.79 | $1,231.79 | $2,585.67 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $170.40 | $170.40 | $76.34 |
| Taxes, insurance & HOA | $378.00 | $378.00 | $378.00 |
| Total housing payment | $1,780.19 | $3,093.63 | $3,040.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,314
Closing costs & prepaids$12,991
Usable credit−$0
Total buyer cash needed$56,305
Earnest money paid−$0
Remaining funds due$56,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$174.00
Prepaid interest, first (9 days)$229.40
Prepaid interest, second (9 days)$353.10
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 closing21 yr 8 moOf the original 30-year loan at 4.59%
Interest already paid$85,303Through Dec 2026
Assumption only · ends Aug 2048$144,335
Assumption + second · ends Aug 2048, second Jan 2057$438,173
New conventional · ends Jan 2057$558,012