Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,418/mo
Lowest payment- Down payment
- $343,881
- Funds due
- $360,131
- Interest + MI left
- $252,911
- First ends
- Aug 2047
Assumption
Assumption + second
$5,338/mo
+$1,920/mo- Down payment
- $75,881
- Funds due
- $93,779
- Interest + MI left
- $676,105
- First ends
- Aug 2047
New loan
New conventional
$5,318/mo
+$1,900/mo- Down payment
- $75,881
- Funds due
- $90,175
- Interest + MI left
- $985,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,119 | $406,119 | $674,119 |
| Second mortgage | — | $268,000 | — |
| First P&I | $2,446.00 | $2,446.00 | $4,566.72 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $355.57 | $355.57 | $134.82 |
| Taxes, insurance & HOA | $616.67 | $616.67 | $616.67 |
| Total housing payment | $3,418.24 | $5,338.22 | $5,318.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,881
Closing costs & prepaids$17,898
Usable credit−$0
Total buyer cash needed$93,779
Earnest money paid−$0
Remaining funds due$93,779
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$300.00
Prepaid interest, first (7 days)$324.78
Prepaid interest, second (7 days)$398.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 4.17%
Interest already paid$178,088Through Dec 2026
Assumption only · ends Aug 2047$252,911
Assumption + second · ends Aug 2047, second Jan 2057$676,105
New conventional · ends Jan 2057$985,673