Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $350,794
- Funds due
- $363,386
- Interest + MI left
- $133,136
- First ends
- Nov 2047
Assumption
Assumption + second
$3,878/mo
+$2,099/mo- Down payment
- $57,794
- Funds due
- $71,698
- Interest + MI left
- $595,807
- First ends
- Nov 2047
New loan
New conventional
$3,965/mo
+$2,186/mo- Down payment
- $57,794
- Funds due
- $68,089
- Interest + MI left
- $784,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,206 | $224,206 | $517,206 |
| Second mortgage | — | $293,000 | — |
| First P&I | $1,302.22 | $1,302.22 | $3,581.03 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $196.04 | $196.04 | $103.44 |
| Taxes, insurance & HOA | $280.92 | $280.92 | $280.92 |
| Total housing payment | $1,779.17 | $3,878.26 | $3,965.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,794
Closing costs & prepaids$13,904
Usable credit−$0
Total buyer cash needed$71,698
Earnest money paid−$0
Remaining funds due$71,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$342.75
Prepaid interest, first (1 days)$23.83
Prepaid interest, second (1 days)$62.21
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 closing21 yrOf the original 30-year loan at 3.880%
Interest already paid$88,086Through Nov 2026
Assumption only · ends Nov 2047$133,136
Assumption + second · ends Nov 2047, second Dec 2056$595,807
New conventional · ends Dec 2056$784,378