Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,873/mo
Lowest payment- Down payment
- $114,267
- Funds due
- $126,483
- Interest + MI left
- $256,239
- First ends
- Nov 2048
Assumption
Assumption + second
$3,404/mo
+$531/mo- Down payment
- $48,267
- Funds due
- $61,830
- Interest + MI left
- $381,418
- First ends
- Nov 2048
New loan
New conventional
$3,384/mo
+$511/mo- Down payment
- $48,267
- Funds due
- $58,436
- Interest + MI left
- $623,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,733 | $360,733 | $426,733 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,163.75 | $2,163.75 | $2,890.84 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $301.78 | $301.78 | $85.35 |
| Taxes, insurance & HOA | $407.67 | $407.67 | $407.67 |
| Total housing payment | $2,873.19 | $3,404.24 | $3,383.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,267
Closing costs & prepaids$13,564
Usable credit−$0
Total buyer cash needed$61,830
Earnest money paid−$0
Remaining funds due$61,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$153.00
Prepaid interest, first (6 days)$268.03
Prepaid interest, second (6 days)$97.64
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 closing21 yr 11 moOf the original 30-year loan at 4.52%
Interest already paid$144,577Through Dec 2026
Assumption only · ends Nov 2048$256,239
Assumption + second · ends Nov 2048, second Jan 2057$381,418
New conventional · ends Jan 2057$623,869