Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $266,315
- Funds due
- $278,431
- Interest + MI left
- $129,692
- First ends
- Aug 2047
Assumption
Assumption + second
$3,399/mo
+$1,562/mo- Down payment
- $48,315
- Funds due
- $62,098
- Interest + MI left
- $473,932
- First ends
- Aug 2047
New loan
New conventional
$3,387/mo
+$1,550/mo- Down payment
- $48,315
- Funds due
- $58,699
- Interest + MI left
- $631,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,685 | $213,685 | $431,685 |
| Second mortgage | — | $218,000 | — |
| First P&I | $1,273.32 | $1,273.32 | $2,924.38 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $187.79 | $187.79 | $86.34 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $1,837.11 | $3,398.89 | $3,386.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,315
Closing costs & prepaids$13,783
Usable credit−$0
Total buyer cash needed$62,098
Earnest money paid−$0
Remaining funds due$62,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$51.99
Prepaid interest, first (9 days)$213.39
Prepaid interest, second (9 days)$416.59
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 8 moOf the original 30-year loan at 4.05%
Interest already paid$91,189Through Dec 2026
Assumption only · ends Aug 2047$129,692
Assumption + second · ends Aug 2047, second Jan 2057$473,932
New conventional · ends Jan 2057$631,195