Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,265/mo
Lowest payment- Down payment
- $386,298
- Funds due
- $400,288
- Interest + MI left
- $188,909
- First ends
- Jan 2049
Assumption
Assumption + second
$4,579/mo
+$2,314/mo- Down payment
- $63,298
- Funds due
- $78,606
- Interest + MI left
- $698,953
- First ends
- Jan 2049
New loan
New conventional
$4,598/mo
+$2,333/mo- Down payment
- $63,298
- Funds due
- $74,937
- Interest + MI left
- $859,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,702 | $243,702 | $566,702 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,503.78 | $1,503.78 | $3,923.73 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $200.70 | $200.70 | $113.34 |
| Taxes, insurance & HOA | $560.75 | $560.75 | $560.75 |
| Total housing payment | $2,265.23 | $4,579.24 | $4,597.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,298
Closing costs & prepaids$15,309
Usable credit−$0
Total buyer cash needed$78,606
Earnest money paid−$0
Remaining funds due$78,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$654.25
Initial HOA (3 months)$528.00
Prepaid interest, first (1 days)$32.72
Prepaid interest, second (1 days)$68.58
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 2 moOf the original 30-year loan at 4.900%
Interest already paid$101,714Through Nov 2026
Assumption only · ends Jan 2049$188,909
Assumption + second · ends Jan 2049, second Dec 2056$698,953
New conventional · ends Dec 2056$859,442