Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,831/mo
Lowest payment- Down payment
- $246,772
- Funds due
- $258,645
- Interest + MI left
- $156,052
- First ends
- Apr 2049
Assumption
Assumption + second
$3,264/mo
+$1,433/mo- Down payment
- $46,772
- Funds due
- $60,149
- Interest + MI left
- $471,869
- First ends
- Apr 2049
New loan
New conventional
$3,280/mo
+$1,449/mo- Down payment
- $46,772
- Funds due
- $56,711
- Interest + MI left
- $611,519
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,228 | $218,228 | $418,228 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,287.46 | $1,287.46 | $2,833.22 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $180.83 | $180.83 | $83.65 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,830.95 | $3,263.78 | $3,279.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,772
Closing costs & prepaids$13,378
Usable credit−$0
Total buyer cash needed$60,149
Earnest money paid−$0
Remaining funds due$60,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$30.00
Prepaid interest, first (6 days)$159.99
Prepaid interest, second (6 days)$254.79
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$81,384Through Dec 2026
Assumption only · ends Apr 2049$156,052
Assumption + second · ends Apr 2049, second Jan 2057$471,869
New conventional · ends Jan 2057$611,519