Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $274,596
- Funds due
- $286,856
- Interest + MI left
- $134,389
- First ends
- Mar 2048
Assumption
Assumption + second
$3,478/mo
+$1,612/mo- Down payment
- $49,596
- Funds due
- $63,393
- Interest + MI left
- $489,683
- First ends
- Mar 2048
New loan
New conventional
$3,503/mo
+$1,637/mo- Down payment
- $49,596
- Funds due
- $59,943
- Interest + MI left
- $651,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,304 | $220,304 | $445,304 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,278.00 | $1,278.00 | $3,016.64 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $190.76 | $190.76 | $89.06 |
| Taxes, insurance & HOA | $397.67 | $397.67 | $397.67 |
| Total housing payment | $1,866.43 | $3,478.36 | $3,503.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,596
Closing costs & prepaids$13,797
Usable credit−$0
Total buyer cash needed$63,393
Earnest money paid−$0
Remaining funds due$63,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$594.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$143.05
Prepaid interest, second (6 days)$286.64
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 3 moOf the original 30-year loan at 3.95%
Interest already paid$85,179Through Dec 2026
Assumption only · ends Mar 2048$134,389
Assumption + second · ends Mar 2048, second Jan 2057$489,683
New conventional · ends Jan 2057$651,108