Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $254,786
- Funds due
- $267,471
- Interest + MI left
- $200,642
- First ends
- Apr 2049
Assumption
Assumption + second
$3,761/mo
+$1,447/mo- Down payment
- $52,786
- Funds due
- $66,764
- Interest + MI left
- $519,617
- First ends
- Apr 2049
New loan
New conventional
$3,839/mo
+$1,526/mo- Down payment
- $52,786
- Funds due
- $63,205
- Interest + MI left
- $716,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,214 | $270,214 | $472,214 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,615.42 | $1,615.42 | $3,269.51 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $222.56 | $222.56 | $94.44 |
| Taxes, insurance & HOA | $475.42 | $475.42 | $475.42 |
| Total housing payment | $2,313.39 | $3,760.54 | $3,839.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,786
Closing costs & prepaids$13,978
Usable credit−$0
Total buyer cash needed$66,764
Earnest money paid−$0
Remaining funds due$66,764
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$587.25
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$34.24
Prepaid interest, second (1 days)$42.89
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 closing22 yr 5 moOf the original 30-year loan at 4.625%
Interest already paid$103,019Through Nov 2026
Assumption only · ends Apr 2049$200,642
Assumption + second · ends Apr 2049, second Dec 2056$519,617
New conventional · ends Dec 2056$716,144