Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,397/mo
Lowest payment- Down payment
- $214,485
- Funds due
- $226,918
- Interest + MI left
- $175,783
- First ends
- Jun 2047
Assumption
Assumption + second
$3,600/mo
+$1,203/mo- Down payment
- $50,485
- Funds due
- $64,383
- Interest + MI left
- $444,997
- First ends
- Jun 2047
New loan
New conventional
$3,552/mo
+$1,155/mo- Down payment
- $50,485
- Funds due
- $60,947
- Interest + MI left
- $655,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,515 | $284,515 | $448,515 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,722.39 | $1,722.39 | $3,038.40 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $250.38 | $250.38 | $89.70 |
| Taxes, insurance & HOA | $424.25 | $424.25 | $424.25 |
| Total housing payment | $2,397.02 | $3,600.39 | $3,552.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,485
Closing costs & prepaids$13,898
Usable credit−$0
Total buyer cash needed$64,383
Earnest money paid−$0
Remaining funds due$64,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$195.03
Prepaid interest, second (6 days)$215.67
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$127,388Through Dec 2026
Assumption only · ends Jun 2047$175,783
Assumption + second · ends Jun 2047, second Jan 2057$444,997
New conventional · ends Jan 2057$655,803