Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,763/mo
Lowest payment- Down payment
- $216,779
- Funds due
- $228,069
- Interest + MI left
- $124,010
- First ends
- Apr 2048
Assumption
Assumption + second
$3,047/mo
+$1,284/mo- Down payment
- $41,779
- Funds due
- $54,396
- Interest + MI left
- $411,282
- First ends
- Apr 2048
New loan
New conventional
$3,099/mo
+$1,336/mo- Down payment
- $41,779
- Funds due
- $50,959
- Interest + MI left
- $566,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,221 | $198,221 | $373,221 |
| Second mortgage | — | $175,000 | — |
| First P&I | $1,152.64 | $1,152.64 | $2,584.11 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $170.40 | $170.40 | $74.64 |
| Taxes, insurance & HOA | $440.33 | $440.33 | $440.33 |
| Total housing payment | $1,763.38 | $3,047.46 | $3,099.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,779
Closing costs & prepaids$12,616
Usable credit−$0
Total buyer cash needed$54,396
Earnest money paid−$0
Remaining funds due$54,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$562.00
Initial HOA (3 months)$309.00
Prepaid interest, first (2 days)$43.77
Prepaid interest, second (2 days)$76.71
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 closing21 yr 5 moOf the original 30-year loan at 4.030%
Interest already paid$76,381Through Nov 2026
Assumption only · ends Apr 2048$124,010
Assumption + second · ends Apr 2048, second Dec 2056$411,282
New conventional · ends Dec 2056$566,015