Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $299,654
- Funds due
- $312,826
- Interest + MI left
- $180,746
- First ends
- Oct 2048
Assumption
Assumption + second
$4,025/mo
+$1,748/mo- Down payment
- $55,654
- Funds due
- $70,128
- Interest + MI left
- $566,043
- First ends
- Oct 2048
New loan
New conventional
$4,077/mo
+$1,800/mo- Down payment
- $55,654
- Funds due
- $66,538
- Interest + MI left
- $749,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,346 | $250,346 | $494,346 |
| Second mortgage | — | $244,000 | — |
| First P&I | $1,512.69 | $1,512.69 | $3,422.75 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $209.01 | $209.01 | $98.87 |
| Taxes, insurance & HOA | $555.17 | $555.17 | $555.17 |
| Total housing payment | $2,276.86 | $4,024.91 | $4,076.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,654
Closing costs & prepaids$14,474
Usable credit−$0
Total buyer cash needed$70,128
Earnest money paid−$0
Remaining funds due$70,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$637.50
Initial HOA (3 months)$528.00
Prepaid interest, first (1 days)$31.55
Prepaid interest, second (1 days)$51.81
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 yr 11 moOf the original 30-year loan at 4.600%
Interest already paid$102,002Through Nov 2026
Assumption only · ends Oct 2048$180,746
Assumption + second · ends Oct 2048, second Dec 2056$566,043
New conventional · ends Dec 2056$749,610