Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $329,318
- Funds due
- $342,125
- Interest + MI left
- $149,983
- First ends
- Jun 2048
Assumption
Assumption + second
$3,865/mo
+$1,963/mo- Down payment
- $55,318
- Funds due
- $69,724
- Interest + MI left
- $582,652
- First ends
- Jun 2048
New loan
New conventional
$3,841/mo
+$1,939/mo- Down payment
- $55,318
- Funds due
- $66,196
- Interest + MI left
- $723,307
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,682 | $220,682 | $494,682 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,324.25 | $1,324.25 | $3,351.15 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $187.32 | $187.32 | $98.94 |
| Taxes, insurance & HOA | $390.84 | $390.84 | $390.84 |
| Total housing payment | $1,902.41 | $3,865.38 | $3,840.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,318
Closing costs & prepaids$14,406
Usable credit−$0
Total buyer cash needed$69,724
Earnest money paid−$0
Remaining funds due$69,724
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)$12.51
Prepaid interest, first (6 days)$159.62
Prepaid interest, second (6 days)$349.07
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 6 moOf the original 30-year loan at 4.4%
Interest already paid$91,307Through Dec 2026
Assumption only · ends Jun 2048$149,983
Assumption + second · ends Jun 2048, second Jan 2057$582,652
New conventional · ends Jan 2057$723,307