Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $286,215
- Funds due
- $298,390
- Interest + MI left
- $129,692
- First ends
- Jul 2047
Assumption
Assumption + second
$3,544/mo
+$1,691/mo- Down payment
- $50,215
- Funds due
- $63,690
- Interest + MI left
- $502,356
- First ends
- Jul 2047
New loan
New conventional
$3,596/mo
+$1,742/mo- Down payment
- $50,215
- Funds due
- $60,156
- Interest + MI left
- $681,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,685 | $213,685 | $449,685 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,273.32 | $1,273.32 | $3,113.53 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $187.79 | $187.79 | $89.94 |
| Taxes, insurance & HOA | $392.50 | $392.50 | $392.50 |
| Total housing payment | $1,853.61 | $3,544.34 | $3,595.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,215
Closing costs & prepaids$13,475
Usable credit−$0
Total buyer cash needed$63,690
Earnest money paid−$0
Remaining funds due$63,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$547.50
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$23.71
Prepaid interest, second (1 days)$50.11
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 8 moOf the original 30-year loan at 4.050%
Interest already paid$91,189Through Nov 2026
Assumption only · ends Jul 2047$129,692
Assumption + second · ends Jul 2047, second Dec 2056$502,356
New conventional · ends Dec 2056$681,978