Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $395,187
- Funds due
- $408,571
- Interest + MI left
- $165,517
- First ends
- Dec 2048
Assumption
Assumption + second
$4,323/mo
+$2,378/mo- Down payment
- $63,187
- Funds due
- $77,891
- Interest + MI left
- $689,773
- First ends
- Dec 2048
New loan
New conventional
$4,379/mo
+$2,435/mo- Down payment
- $63,187
- Funds due
- $74,224
- Interest + MI left
- $851,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,813 | $229,813 | $561,813 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,376.18 | $1,376.18 | $3,889.88 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $191.26 | $191.26 | $112.36 |
| Taxes, insurance & HOA | $376.58 | $376.58 | $376.58 |
| Total housing payment | $1,944.02 | $4,322.51 | $4,378.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,187
Closing costs & prepaids$14,704
Usable credit−$0
Total buyer cash needed$77,891
Earnest money paid−$0
Remaining funds due$77,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$529.75
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$28.65
Prepaid interest, second (1 days)$70.49
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 1 moOf the original 30-year loan at 4.550%
Interest already paid$90,531Through Nov 2026
Assumption only · ends Dec 2048$165,517
Assumption + second · ends Dec 2048, second Dec 2056$689,773
New conventional · ends Dec 2056$851,915