Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $282,374
- Funds due
- $295,228
- Interest + MI left
- $195,944
- First ends
- Dec 2048
Assumption
Assumption + second
$3,862/mo
+$1,626/mo- Down payment
- $55,374
- Funds due
- $69,768
- Interest + MI left
- $554,396
- First ends
- Dec 2048
New loan
New conventional
$3,841/mo
+$1,606/mo- Down payment
- $55,374
- Funds due
- $66,254
- Interest + MI left
- $723,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,626 | $267,626 | $494,626 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,620.97 | $1,620.97 | $3,350.77 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $222.67 | $222.67 | $98.93 |
| Taxes, insurance & HOA | $391.67 | $391.67 | $391.67 |
| Total housing payment | $2,235.31 | $3,861.56 | $3,841.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,374
Closing costs & prepaids$14,394
Usable credit−$0
Total buyer cash needed$69,768
Earnest money paid−$0
Remaining funds due$69,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$15.00
Prepaid interest, first (6 days)$204.57
Prepaid interest, second (6 days)$289.19
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 yrOf the original 30-year loan at 4.65%
Interest already paid$108,877Through Dec 2026
Assumption only · ends Dec 2048$195,944
Assumption + second · ends Dec 2048, second Jan 2057$554,396
New conventional · ends Jan 2057$723,225