Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,547/mo
Lowest payment- Down payment
- $206,801
- Funds due
- $219,551
- Interest + MI left
- $183,488
- First ends
- Nov 2047
Assumption
Assumption + second
$3,684/mo
+$1,137/mo- Down payment
- $51,801
- Funds due
- $66,004
- Interest + MI left
- $437,929
- First ends
- Nov 2047
New loan
New conventional
$3,713/mo
+$1,166/mo- Down payment
- $51,801
- Funds due
- $62,584
- Interest + MI left
- $680,198
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,199 | $310,199 | $465,199 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,806.33 | $1,806.33 | $3,151.42 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $271.93 | $271.93 | $93.04 |
| Taxes, insurance & HOA | $468.83 | $468.83 | $468.83 |
| Total housing payment | $2,547.09 | $3,684.42 | $3,713.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,801
Closing costs & prepaids$14,203
Usable credit−$0
Total buyer cash needed$66,004
Earnest money paid−$0
Remaining funds due$66,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,170.00
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)$620.50
Initial HOA (3 months)$285.99
Prepaid interest, first (6 days)$197.85
Prepaid interest, second (6 days)$203.84
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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$123,191Through Dec 2026
Assumption only · ends Nov 2047$183,488
Assumption + second · ends Nov 2047, second Jan 2057$437,929
New conventional · ends Jan 2057$680,198