Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $192,049
- Funds due
- $204,206
- Interest + MI left
- $207,377
- First ends
- Jul 2048
Assumption
Assumption + second
$3,449/mo
+$1,049/mo- Down payment
- $49,049
- Funds due
- $62,644
- Interest + MI left
- $442,119
- First ends
- Jul 2048
New loan
New conventional
$3,411/mo
+$1,011/mo- Down payment
- $49,049
- Funds due
- $59,209
- Interest + MI left
- $637,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,951 | $292,951 | $435,951 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,782.76 | $1,782.76 | $2,953.28 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $246.90 | $246.90 | $87.19 |
| Taxes, insurance & HOA | $370.25 | $370.25 | $370.25 |
| Total housing payment | $2,399.91 | $3,449.19 | $3,410.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,049
Closing costs & prepaids$13,594
Usable credit−$0
Total buyer cash needed$62,644
Earnest money paid−$0
Remaining funds due$62,644
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$28.74
Prepaid interest, first (6 days)$220.56
Prepaid interest, second (6 days)$188.05
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 7 moOf the original 30-year loan at 4.58%
Interest already paid$124,440Through Dec 2026
Assumption only · ends Jul 2048$207,377
Assumption + second · ends Jul 2048, second Jan 2057$442,119
New conventional · ends Jan 2057$637,432