Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,192/mo
Lowest payment- Down payment
- $353,748
- Funds due
- $367,384
- Interest + MI left
- $133,574
- First ends
- Dec 2046
Assumption
Assumption + second
$4,284/mo
+$2,092/mo- Down payment
- $61,748
- Funds due
- $77,068
- Interest + MI left
- $594,666
- First ends
- Dec 2046
New loan
New conventional
$4,305/mo
+$2,113/mo- Down payment
- $61,748
- Funds due
- $73,557
- Interest + MI left
- $808,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,252 | $261,252 | $553,252 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,505.78 | $1,505.78 | $3,747.92 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $239.61 | $239.61 | $110.65 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $2,192.05 | $4,283.97 | $4,305.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,748
Closing costs & prepaids$15,321
Usable credit−$0
Total buyer cash needed$77,068
Earnest money paid−$0
Remaining funds due$77,068
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Initial HOA (3 months)$102.00
Prepaid interest, first (7 days)$171.85
Prepaid interest, second (7 days)$434.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 yrOf the original 30-year loan at 3.43%
Interest already paid$103,680Through Dec 2026
Assumption only · ends Dec 2046$133,574
Assumption + second · ends Dec 2046, second Jan 2057$594,666
New conventional · ends Jan 2057$808,946