Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,298/mo
Lowest payment- Down payment
- $302,400
- Funds due
- $313,616
- Interest + MI left
- $86,826
- First ends
- Aug 2047
Assumption
Assumption + second
$3,139/mo
+$1,841/mo- Down payment
- $45,400
- Funds due
- $57,975
- Interest + MI left
- $492,650
- First ends
- Aug 2047
New loan
New conventional
$3,186/mo
+$1,888/mo- Down payment
- $45,400
- Funds due
- $54,495
- Interest + MI left
- $613,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,595 | $147,595 | $404,595 |
| Second mortgage | — | $257,000 | — |
| First P&I | $864.73 | $864.73 | $2,801.33 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | $130.02 | $130.02 | $80.92 |
| Taxes, insurance & HOA | $303.25 | $303.25 | $303.25 |
| Total housing payment | $1,298.00 | $3,139.18 | $3,185.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,400
Closing costs & prepaids$12,575
Usable credit−$0
Total buyer cash needed$57,975
Earnest money paid−$0
Remaining funds due$57,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.95
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)$276.75
Initial HOA (3 months)$183.00
Prepaid interest, first (2 days)$31.46
Prepaid interest, second (2 days)$109.14
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 9 moOf the original 30-year loan at 3.890%
Interest already paid$60,023Through Nov 2026
Assumption only · ends Aug 2047$86,826
Assumption + second · ends Aug 2047, second Dec 2056$492,650
New conventional · ends Dec 2056$613,596