Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $293,938
- Funds due
- $306,256
- Interest + MI left
- $90,359
- First ends
- Feb 2047
Assumption
Assumption + second
$3,477/mo
+$1,741/mo- Down payment
- $50,938
- Funds due
- $64,558
- Interest + MI left
- $474,076
- First ends
- Feb 2047
New loan
New conventional
$3,641/mo
+$1,905/mo- Down payment
- $50,938
- Funds due
- $61,021
- Interest + MI left
- $680,943
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,062 | $206,062 | $449,062 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,120.15 | $1,120.15 | $3,109.21 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $174.11 | $174.11 | $89.81 |
| Taxes, insurance & HOA | $442.25 | $442.25 | $442.25 |
| Total housing payment | $1,736.51 | $3,477.39 | $3,641.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,938
Closing costs & prepaids$13,620
Usable credit−$0
Total buyer cash needed$64,558
Earnest money paid−$0
Remaining funds due$64,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$610.75
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$16.26
Prepaid interest, second (1 days)$51.60
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 3 moOf the original 26-year loan at 2.880%
Interest already paid$37,552Through Nov 2026
Assumption only · ends Feb 2047$90,359
Assumption + second · ends Feb 2047, second Dec 2056$474,076
New conventional · ends Dec 2056$680,943