Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,198/mo
Lowest payment- Down payment
- $379,645
- Funds due
- $396,258
- Interest + MI left
- $256,162
- First ends
- Apr 2049
Assumption
Assumption + second
$5,397/mo
+$2,199/mo- Down payment
- $72,645
- Funds due
- $90,899
- Interest + MI left
- $740,941
- First ends
- Apr 2049
New loan
New conventional
$5,391/mo
+$2,193/mo- Down payment
- $72,645
- Funds due
- $87,237
- Interest + MI left
- $953,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,255 | $345,255 | $652,255 |
| Second mortgage | — | $307,000 | — |
| First P&I | $2,071.31 | $2,071.31 | $4,418.60 |
| Second P&I | — | $2,199.39 | — |
| Mortgage insurance | $284.87 | $284.87 | $130.45 |
| Taxes, insurance & HOA | $841.67 | $841.67 | $841.67 |
| Total housing payment | $3,197.84 | $5,397.23 | $5,390.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,645
Closing costs & prepaids$18,253
Usable credit−$0
Total buyer cash needed$90,899
Earnest money paid−$0
Remaining funds due$90,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,249.00
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)$870.00
Initial HOA (3 months)$1,005.00
Prepaid interest, first (6 days)$263.34
Prepaid interest, second (6 days)$391.11
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 4.64%
Interest already paid$133,649Through Dec 2026
Assumption only · ends Apr 2049$256,162
Assumption + second · ends Apr 2049, second Jan 2057$740,941
New conventional · ends Jan 2057$953,705