Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,747/mo
Lowest payment- Down payment
- $294,665
- Funds due
- $308,570
- Interest + MI left
- $173,411
- First ends
- Aug 2046
Assumption
Assumption + second
$4,409/mo
+$1,662/mo- Down payment
- $62,665
- Funds due
- $78,115
- Interest + MI left
- $539,758
- First ends
- Aug 2046
New loan
New conventional
$4,394/mo
+$1,647/mo- Down payment
- $62,665
- Funds due
- $74,603
- Interest + MI left
- $813,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,335 | $324,335 | $556,335 |
| Second mortgage | — | $232,000 | — |
| First P&I | $1,934.78 | $1,934.78 | $3,768.81 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $298.11 | $298.11 | $111.27 |
| Taxes, insurance & HOA | $514.25 | $514.25 | $514.25 |
| Total housing payment | $2,747.14 | $4,409.21 | $4,394.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,665
Closing costs & prepaids$15,450
Usable credit−$0
Total buyer cash needed$78,115
Earnest money paid−$0
Remaining funds due$78,115
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$196.73
Prepaid interest, second (6 days)$295.56
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 closing19 yr 8 moOf the original 30-year loan at 3.69%
Interest already paid$143,385Through Dec 2026
Assumption only · ends Aug 2046$173,411
Assumption + second · ends Aug 2046, second Jan 2057$539,758
New conventional · ends Jan 2057$813,454