Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $400,663
- Funds due
- $414,941
- Interest + MI left
- $150,085
- First ends
- Jul 2047
Assumption
Assumption + second
$4,643/mo
+$2,400/mo- Down payment
- $65,663
- Funds due
- $81,689
- Interest + MI left
- $679,078
- First ends
- Jul 2047
New loan
New conventional
$4,612/mo
+$2,369/mo- Down payment
- $65,663
- Funds due
- $78,096
- Interest + MI left
- $854,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,337 | $249,337 | $584,337 |
| Second mortgage | — | $335,000 | — |
| First P&I | $1,486.97 | $1,486.97 | $3,958.50 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | $219.82 | $219.82 | $116.87 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $2,243.46 | $4,643.44 | $4,612.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,663
Closing costs & prepaids$16,026
Usable credit−$0
Total buyer cash needed$81,689
Earnest money paid−$0
Remaining funds due$81,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$330.00
Prepaid interest, first (7 days)$192.71
Prepaid interest, second (7 days)$497.91
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 yr 7 moOf the original 30-year loan at 4.03%
Interest already paid$107,027Through Dec 2026
Assumption only · ends Jul 2047$150,085
Assumption + second · ends Jul 2047, second Jan 2057$679,078
New conventional · ends Jan 2057$854,397