Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$719/mo
Lowest payment- Down payment
- $284,574
- Funds due
- $295,154
- Interest + MI left
- $13,319
- First ends
- Mar 2047
Assumption
Assumption + second
$2,539/mo
+$1,820/mo- Down payment
- $30,574
- Funds due
- $42,512
- Interest + MI left
- $414,406
- First ends
- Mar 2047
New loan
New conventional
$2,515/mo
+$1,796/mo- Down payment
- $30,574
- Funds due
- $39,151
- Interest + MI left
- $407,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,426 | $14,426 | $268,426 |
| Second mortgage | — | $254,000 | — |
| First P&I | $109.36 | $109.36 | $1,858.53 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $6.85 | $6.85 | $53.69 |
| Taxes, insurance & HOA | $603.00 | $603.00 | $603.00 |
| Total housing payment | $719.20 | $2,538.89 | $2,515.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,574
Closing costs & prepaids$11,937
Usable credit−$0
Total buyer cash needed$42,512
Earnest money paid−$0
Remaining funds due$42,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$543.00
Initial HOA (3 months)$816.00
Prepaid interest, first (2 days)$5.38
Prepaid interest, second (2 days)$107.86
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 4 moOf the original 22-year loan at 6.810%
Interest already paid$1,669Through Nov 2026
Assumption only · ends Mar 2047$13,319
Assumption + second · ends Mar 2047, second Dec 2056$414,406
New conventional · ends Dec 2056$407,032