Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $257,786
- Funds due
- $269,173
- Interest + MI left
- $110,488
- First ends
- Jan 2048
Assumption
Assumption + second
$3,134/mo
+$1,526/mo- Down payment
- $44,786
- Funds due
- $57,514
- Interest + MI left
- $446,833
- First ends
- Jan 2048
New loan
New conventional
$3,207/mo
+$1,598/mo- Down payment
- $44,786
- Funds due
- $54,047
- Interest + MI left
- $599,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,214 | $182,214 | $395,214 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,058.73 | $1,058.73 | $2,736.38 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $158.23 | $158.23 | $79.04 |
| Taxes, insurance & HOA | $391.08 | $391.08 | $391.08 |
| Total housing payment | $1,608.04 | $3,134.00 | $3,206.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,786
Closing costs & prepaids$12,728
Usable credit−$0
Total buyer cash needed$57,514
Earnest money paid−$0
Remaining funds due$57,514
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$510.25
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$39.34
Prepaid interest, second (2 days)$90.45
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 2 moOf the original 30-year loan at 3.940%
Interest already paid$71,061Through Nov 2026
Assumption only · ends Jan 2048$110,488
Assumption + second · ends Jan 2048, second Dec 2056$446,833
New conventional · ends Dec 2056$599,290