Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,996/mo
Lowest payment- Down payment
- $240,992
- Funds due
- $254,830
- Interest + MI left
- $267,447
- First ends
- Apr 2049
Assumption
Assumption + second
$4,309/mo
+$1,313/mo- Down payment
- $61,992
- Funds due
- $77,315
- Interest + MI left
- $561,285
- First ends
- Apr 2049
New loan
New conventional
$4,336/mo
+$1,340/mo- Down payment
- $61,992
- Funds due
- $73,788
- Interest + MI left
- $808,589
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,008 | $374,008 | $553,008 |
| Second mortgage | — | $179,000 | — |
| First P&I | $2,206.49 | $2,206.49 | $3,746.27 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $309.91 | $309.91 | $110.60 |
| Taxes, insurance & HOA | $479.34 | $479.34 | $479.34 |
| Total housing payment | $2,995.74 | $4,309.18 | $4,336.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,992
Closing costs & prepaids$15,323
Usable credit−$0
Total buyer cash needed$77,315
Earnest money paid−$0
Remaining funds due$77,315
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$274.20
Prepaid interest, second (6 days)$235.40
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 closing22 yr 4 moOf the original 30-year loan at 4.46%
Interest already paid$139,480Through Dec 2026
Assumption only · ends Apr 2049$267,447
Assumption + second · ends Apr 2049, second Jan 2057$561,285
New conventional · ends Jan 2057$808,589