Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $349,982
- Funds due
- $363,462
- Interest + MI left
- $74,990
- First ends
- Sep 2043
Assumption
Assumption + second
$4,126/mo
+$2,142/mo- Down payment
- $50,982
- Funds due
- $66,093
- Interest + MI left
- $547,136
- First ends
- Sep 2043
New loan
New conventional
$3,933/mo
+$1,949/mo- Down payment
- $50,982
- Funds due
- $62,582
- Interest + MI left
- $656,449
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,018 | $150,018 | $449,018 |
| Second mortgage | — | $299,000 | — |
| First P&I | $1,030.67 | $1,030.67 | $3,041.80 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | $151.63 | $151.63 | $89.80 |
| Taxes, insurance & HOA | $801.67 | $801.67 | $801.67 |
| Total housing payment | $1,983.97 | $4,126.04 | $3,933.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,982
Closing costs & prepaids$15,111
Usable credit−$0
Total buyer cash needed$66,093
Earnest money paid−$0
Remaining funds due$66,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (6 days)$100.37
Prepaid interest, second (6 days)$380.92
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 closing16 yr 9 moOf the original 30-year loan at 4.07%
Interest already paid$99,823Through Dec 2026
Assumption only · ends Sep 2043$74,990
Assumption + second · ends Sep 2043, second Jan 2057$547,136
New conventional · ends Jan 2057$656,449