Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,729/mo
Lowest payment- Down payment
- $373,393
- Funds due
- $387,339
- Interest + MI left
- $53,443
- First ends
- Sep 2048
Assumption
Assumption + second
$4,079/mo
+$2,350/mo- Down payment
- $45,393
- Funds due
- $61,007
- Interest + MI left
- $571,383
- First ends
- Sep 2048
New loan
New conventional
$4,027/mo
+$2,298/mo- Down payment
- $45,393
- Funds due
- $57,507
- Interest + MI left
- $591,602
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,607 | $76,607 | $404,607 |
| Second mortgage | — | $328,000 | — |
| First P&I | $459.46 | $459.46 | $2,740.95 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $64.46 | $64.46 | $80.92 |
| Taxes, insurance & HOA | $1,205.00 | $1,205.00 | $1,205.00 |
| Total housing payment | $1,728.92 | $4,078.75 | $4,026.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,393
Closing costs & prepaids$15,614
Usable credit−$0
Total buyer cash needed$61,007
Earnest money paid−$0
Remaining funds due$61,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$2,625.00
Prepaid interest, first (6 days)$56.29
Prepaid interest, second (6 days)$417.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 4.47%
Interest already paid$31,094Through Dec 2026
Assumption only · ends Sep 2048$53,443
Assumption + second · ends Sep 2048, second Jan 2057$571,383
New conventional · ends Jan 2057$591,602