Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $199,280
- Funds due
- $211,076
- Interest + MI left
- $139,445
- First ends
- Apr 2048
Assumption
Assumption + second
$3,191/mo
+$1,145/mo- Down payment
- $43,280
- Funds due
- $56,531
- Interest + MI left
- $395,527
- First ends
- Apr 2048
New loan
New conventional
$3,203/mo
+$1,157/mo- Down payment
- $43,280
- Funds due
- $53,146
- Interest + MI left
- $558,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,720 | $225,720 | $381,720 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,310.96 | $1,310.96 | $2,585.90 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $194.74 | $194.74 | $76.34 |
| Taxes, insurance & HOA | $541.00 | $541.00 | $541.00 |
| Total housing payment | $2,046.70 | $3,191.38 | $3,203.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,280
Closing costs & prepaids$13,251
Usable credit−$0
Total buyer cash needed$56,531
Earnest money paid−$0
Remaining funds due$56,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$663.00
Prepaid interest, first (6 days)$148.05
Prepaid interest, second (6 days)$205.15
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 4 moOf the original 30-year loan at 3.99%
Interest already paid$87,132Through Dec 2026
Assumption only · ends Apr 2048$139,445
Assumption + second · ends Apr 2048, second Jan 2057$395,527
New conventional · ends Jan 2057$558,061