Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,276/mo
Lowest payment- Down payment
- $224,894
- Funds due
- $237,388
- Interest + MI left
- $168,552
- First ends
- Jun 2048
Assumption
Assumption + second
$3,575/mo
+$1,299/mo- Down payment
- $47,894
- Funds due
- $61,677
- Interest + MI left
- $459,106
- First ends
- Jun 2048
New loan
New conventional
$3,603/mo
+$1,327/mo- Down payment
- $47,894
- Funds due
- $58,164
- Interest + MI left
- $639,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,006 | $245,006 | $422,006 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,472.16 | $1,472.16 | $2,921.88 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $207.26 | $207.26 | $84.40 |
| Taxes, insurance & HOA | $596.59 | $596.59 | $596.59 |
| Total housing payment | $2,276.00 | $3,574.77 | $3,602.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,894
Closing costs & prepaids$13,782
Usable credit−$0
Total buyer cash needed$61,677
Earnest money paid−$0
Remaining funds due$61,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$957.75
Initial HOA (3 months)$332.01
Prepaid interest, first (1 days)$29.80
Prepaid interest, second (1 days)$38.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 4.440%
Interest already paid$101,092Through Nov 2026
Assumption only · ends Jun 2048$168,552
Assumption + second · ends Jun 2048, second Dec 2056$459,106
New conventional · ends Dec 2056$639,916