Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $296,238
- Funds due
- $308,462
- Interest + MI left
- $127,926
- First ends
- Apr 2047
Assumption
Assumption + second
$3,596/mo
+$1,755/mo- Down payment
- $51,238
- Funds due
- $64,764
- Interest + MI left
- $514,802
- First ends
- Apr 2047
New loan
New conventional
$3,625/mo
+$1,783/mo- Down payment
- $51,238
- Funds due
- $61,219
- Interest + MI left
- $688,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,762 | $208,762 | $453,762 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,264.84 | $1,264.84 | $3,141.76 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $184.31 | $184.31 | $90.75 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,841.15 | $3,596.36 | $3,624.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,238
Closing costs & prepaids$13,527
Usable credit−$0
Total buyer cash needed$64,764
Earnest money paid−$0
Remaining funds due$64,764
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$521.50
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$23.74
Prepaid interest, second (1 days)$52.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 4.150%
Interest already paid$94,019Through Nov 2026
Assumption only · ends Apr 2047$127,926
Assumption + second · ends Apr 2047, second Dec 2056$514,802
New conventional · ends Dec 2056$688,070