Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,176/mo
Lowest payment- Down payment
- $318,063
- Funds due
- $335,740
- Interest + MI left
- $312,446
- First ends
- Aug 2048
Assumption
Assumption + second
$5,917/mo
+$1,741/mo- Down payment
- $75,063
- Funds due
- $94,042
- Interest + MI left
- $696,164
- First ends
- Aug 2048
New loan
New conventional
$5,987/mo
+$1,810/mo- Down payment
- $75,063
- Funds due
- $90,272
- Interest + MI left
- $1,022,071
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,937 | $430,937 | $673,937 |
| Second mortgage | — | $243,000 | — |
| First P&I | $2,629.76 | $2,629.76 | $4,666.20 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $360.83 | $360.83 | $134.79 |
| Taxes, insurance & HOA | $1,185.83 | $1,185.83 | $1,185.83 |
| Total housing payment | $4,176.43 | $5,917.31 | $5,986.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,063
Closing costs & prepaids$18,979
Usable credit−$0
Total buyer cash needed$94,042
Earnest money paid−$0
Remaining funds due$94,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,872.50
Initial HOA (3 months)$1,035.00
Prepaid interest, first (1 days)$55.02
Prepaid interest, second (1 days)$51.60
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 9 moOf the original 30-year loan at 4.660%
Interest already paid$181,873Through Nov 2026
Assumption only · ends Aug 2048$312,446
Assumption + second · ends Aug 2048, second Dec 2056$696,164
New conventional · ends Dec 2056$1,022,071