Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,921/mo
Lowest payment- Down payment
- $347,531
- Funds due
- $362,337
- Interest + MI left
- $190,479
- First ends
- Dec 2046
Assumption
Assumption + second
$4,906/mo
+$1,984/mo- Down payment
- $70,531
- Funds due
- $86,999
- Interest + MI left
- $627,885
- First ends
- Dec 2046
New loan
New conventional
$4,914/mo
+$1,993/mo- Down payment
- $70,531
- Funds due
- $83,449
- Interest + MI left
- $918,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,469 | $351,469 | $628,469 |
| Second mortgage | — | $277,000 | — |
| First P&I | $2,071.03 | $2,071.03 | $4,257.47 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $319.50 | $319.50 | $125.69 |
| Taxes, insurance & HOA | $530.83 | $530.83 | $530.83 |
| Total housing payment | $2,921.36 | $4,905.82 | $4,913.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,531
Closing costs & prepaids$16,467
Usable credit−$0
Total buyer cash needed$86,999
Earnest money paid−$0
Remaining funds due$86,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Initial HOA (3 months)$253.74
Prepaid interest, first (7 days)$248.05
Prepaid interest, second (7 days)$411.71
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 yrOf the original 30-year loan at 3.68%
Interest already paid$148,937Through Dec 2026
Assumption only · ends Dec 2046$190,479
Assumption + second · ends Dec 2046, second Jan 2057$627,885
New conventional · ends Jan 2057$918,926