Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,125/mo
Lowest payment- Down payment
- $210,249
- Funds due
- $223,893
- Interest + MI left
- $263,113
- First ends
- Jun 2048
Assumption
Assumption + second
$4,226/mo
+$1,101/mo- Down payment
- $60,249
- Funds due
- $75,340
- Interest + MI left
- $509,346
- First ends
- Jun 2048
New loan
New conventional
$4,224/mo
+$1,099/mo- Down payment
- $60,249
- Funds due
- $71,846
- Interest + MI left
- $787,743
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,751 | $388,751 | $538,751 |
| Second mortgage | — | $150,000 | — |
| First P&I | $2,328.55 | $2,328.55 | $3,649.69 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $330.15 | $330.15 | $107.75 |
| Taxes, insurance & HOA | $466.25 | $466.25 | $466.25 |
| Total housing payment | $3,124.95 | $4,225.60 | $4,223.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,249
Closing costs & prepaids$15,091
Usable credit−$0
Total buyer cash needed$75,340
Earnest money paid−$0
Remaining funds due$75,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$279.90
Prepaid interest, second (6 days)$197.26
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 6 moOf the original 30-year loan at 4.38%
Interest already paid$160,161Through Dec 2026
Assumption only · ends Jun 2048$263,113
Assumption + second · ends Jun 2048, second Jan 2057$509,346
New conventional · ends Jan 2057$787,743