Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,843/mo
Lowest payment- Down payment
- $227,220
- Funds due
- $240,780
- Interest + MI left
- $244,890
- First ends
- Aug 2049
Assumption
Assumption + second
$4,068/mo
+$1,225/mo- Down payment
- $60,220
- Funds due
- $75,249
- Interest + MI left
- $519,029
- First ends
- Aug 2049
New loan
New conventional
$4,211/mo
+$1,368/mo- Down payment
- $60,220
- Funds due
- $71,770
- Interest + MI left
- $789,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,680 | $372,680 | $539,680 |
| Second mortgage | — | $167,000 | — |
| First P&I | $2,086.01 | $2,086.01 | $3,655.98 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $309.50 | $309.50 | $107.94 |
| Taxes, insurance & HOA | $447.00 | $447.00 | $447.00 |
| Total housing payment | $2,842.51 | $4,067.90 | $4,210.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,220
Closing costs & prepaids$15,030
Usable credit−$0
Total buyer cash needed$75,249
Earnest money paid−$0
Remaining funds due$75,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$245.05
Prepaid interest, second (6 days)$219.62
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 closing22 yr 8 moOf the original 30-year loan at 4%
Interest already paid$119,311Through Dec 2026
Assumption only · ends Aug 2049$244,890
Assumption + second · ends Aug 2049, second Jan 2057$519,029
New conventional · ends Jan 2057$789,101