Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
Lowest payment- Down payment
- $330,806
- Funds due
- $346,144
- Interest + MI left
- $248,688
- First ends
- Apr 2049
Assumption
Assumption + second
$4,981/mo
+$1,884/mo- Down payment
- $67,806
- Funds due
- $84,785
- Interest + MI left
- $663,987
- First ends
- Apr 2049
New loan
New conventional
$5,006/mo
+$1,910/mo- Down payment
- $67,806
- Funds due
- $81,204
- Interest + MI left
- $887,818
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,194 | $344,194 | $607,194 |
| Second mortgage | — | $263,000 | — |
| First P&I | $2,040.11 | $2,040.11 | $4,113.34 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | $284.87 | $284.87 | $121.44 |
| Taxes, insurance & HOA | $771.67 | $771.67 | $771.67 |
| Total housing payment | $3,096.64 | $4,980.80 | $5,006.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,806
Closing costs & prepaids$16,979
Usable credit−$0
Total buyer cash needed$84,785
Earnest money paid−$0
Remaining funds due$84,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$1,005.00
Prepaid interest, first (7 days)$297.70
Prepaid interest, second (7 days)$390.90
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 closing22 yr 4 moOf the original 30-year loan at 4.51%
Interest already paid$129,717Through Dec 2026
Assumption only · ends Apr 2049$248,688
Assumption + second · ends Apr 2049, second Jan 2057$663,987
New conventional · ends Jan 2057$887,818