Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $184,572
- Funds due
- $195,955
- Interest + MI left
- $152,525
- First ends
- Oct 2047
Assumption
Assumption + second
$3,100/mo
+$1,035/mo- Down payment
- $43,572
- Funds due
- $56,390
- Interest + MI left
- $383,984
- First ends
- Oct 2047
New loan
New conventional
$3,094/mo
+$1,029/mo- Down payment
- $43,572
- Funds due
- $53,015
- Interest + MI left
- $572,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,428 | $250,428 | $391,428 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,481.97 | $1,481.97 | $2,651.67 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $219.08 | $219.08 | $78.29 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $2,065.05 | $3,099.66 | $3,093.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,572
Closing costs & prepaids$12,818
Usable credit−$0
Total buyer cash needed$56,390
Earnest money paid−$0
Remaining funds due$56,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$165.90
Prepaid interest, second (6 days)$185.42
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 closing20 yr 10 moOf the original 30-year loan at 4.03%
Interest already paid$104,151Through Dec 2026
Assumption only · ends Oct 2047$152,525
Assumption + second · ends Oct 2047, second Jan 2057$383,984
New conventional · ends Jan 2057$572,332