Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,485/mo
Lowest payment- Down payment
- $288,113
- Funds due
- $301,838
- Interest + MI left
- $198,949
- First ends
- Dec 2049
Assumption
Assumption + second
$4,104/mo
+$1,619/mo- Down payment
- $62,113
- Funds due
- $77,376
- Interest + MI left
- $555,822
- First ends
- Dec 2049
New loan
New conventional
$4,325/mo
+$1,839/mo- Down payment
- $62,113
- Funds due
- $73,875
- Interest + MI left
- $808,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,887 | $326,887 | $552,887 |
| Second mortgage | — | $226,000 | — |
| First P&I | $1,745.02 | $1,745.02 | $3,745.45 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $271.54 | $271.54 | $110.58 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $2,485.22 | $4,104.31 | $4,324.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,113
Closing costs & prepaids$15,263
Usable credit−$0
Total buyer cash needed$77,376
Earnest money paid−$0
Remaining funds due$77,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$193.98
Prepaid interest, second (6 days)$287.92
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 closing23 yrOf the original 30-year loan at 3.61%
Interest already paid$90,122Through Dec 2026
Assumption only · ends Dec 2049$198,949
Assumption + second · ends Dec 2049, second Jan 2057$555,822
New conventional · ends Jan 2057$808,412