Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
Lowest payment- Down payment
- $307,099
- Funds due
- $320,162
- Interest + MI left
- $140,576
- First ends
- Mar 2047
Assumption
Assumption + second
$3,975/mo
+$1,813/mo- Down payment
- $54,099
- Funds due
- $68,466
- Interest + MI left
- $540,085
- First ends
- Mar 2047
New loan
New conventional
$3,996/mo
+$1,834/mo- Down payment
- $54,099
- Funds due
- $64,892
- Interest + MI left
- $729,223
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,901 | $227,901 | $480,901 |
| Second mortgage | — | $253,000 | — |
| First P&I | $1,390.47 | $1,390.47 | $3,329.66 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $201.41 | $201.41 | $96.18 |
| Taxes, insurance & HOA | $570.59 | $570.59 | $570.59 |
| Total housing payment | $2,162.47 | $3,974.99 | $3,996.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,099
Closing costs & prepaids$14,367
Usable credit−$0
Total buyer cash needed$68,466
Earnest money paid−$0
Remaining funds due$68,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$933.75
Initial HOA (3 months)$278.01
Prepaid interest, first (1 days)$26.22
Prepaid interest, second (1 days)$53.72
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 4 moOf the original 30-year loan at 4.200%
Interest already paid$104,855Through Nov 2026
Assumption only · ends Mar 2047$140,576
Assumption + second · ends Mar 2047, second Dec 2056$540,085
New conventional · ends Dec 2056$729,223