Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,106/mo
Lowest payment- Down payment
- $227,842
- Funds due
- $240,057
- Interest + MI left
- $134,016
- First ends
- Feb 2048
Assumption
Assumption + second
$3,442/mo
+$1,335/mo- Down payment
- $45,842
- Funds due
- $59,387
- Interest + MI left
- $432,778
- First ends
- Feb 2048
New loan
New conventional
$3,510/mo
+$1,404/mo- Down payment
- $45,842
- Funds due
- $55,915
- Interest + MI left
- $612,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,158 | $222,158 | $404,158 |
| Second mortgage | — | $182,000 | — |
| First P&I | $1,282.85 | $1,282.85 | $2,798.31 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $192.65 | $192.65 | $80.83 |
| Taxes, insurance & HOA | $630.91 | $630.91 | $630.91 |
| Total housing payment | $2,106.42 | $3,441.87 | $3,510.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,842
Closing costs & prepaids$13,545
Usable credit−$0
Total buyer cash needed$59,387
Earnest money paid−$0
Remaining funds due$59,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,414.75
Initial HOA (3 months)$27.99
Prepaid interest, first (2 days)$47.47
Prepaid interest, second (2 days)$79.78
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 3 moOf the original 30-year loan at 3.900%
Interest already paid$84,875Through Nov 2026
Assumption only · ends Feb 2048$134,016
Assumption + second · ends Feb 2048, second Dec 2056$432,778
New conventional · ends Dec 2056$612,852