Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,900/mo
Lowest payment- Down payment
- $243,697
- Funds due
- $255,432
- Interest + MI left
- $128,719
- First ends
- Jun 2047
Assumption
Assumption + second
$3,353/mo
+$1,453/mo- Down payment
- $45,697
- Funds due
- $58,769
- Interest + MI left
- $453,747
- First ends
- Jun 2047
New loan
New conventional
$3,350/mo
+$1,450/mo- Down payment
- $45,697
- Funds due
- $55,291
- Interest + MI left
- $612,920
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,203 | $206,203 | $404,203 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,248.41 | $1,248.41 | $2,798.62 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $180.83 | $180.83 | $80.84 |
| Taxes, insurance & HOA | $471.00 | $471.00 | $471.00 |
| Total housing payment | $1,900.24 | $3,353.10 | $3,350.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,697
Closing costs & prepaids$13,071
Usable credit−$0
Total buyer cash needed$58,769
Earnest money paid−$0
Remaining funds due$58,769
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$666.00
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$47.45
Prepaid interest, second (2 days)$86.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 4.200%
Interest already paid$91,983Through Nov 2026
Assumption only · ends Jun 2047$128,719
Assumption + second · ends Jun 2047, second Dec 2056$453,747
New conventional · ends Dec 2056$612,920