Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$940/mo
Lowest payment- Down payment
- $267,296
- Funds due
- $278,031
- Interest + MI left
- $35,930
- First ends
- Jul 2048
Assumption
Assumption + second
$2,624/mo
+$1,684/mo- Down payment
- $32,296
- Funds due
- $44,381
- Interest + MI left
- $407,015
- First ends
- Jul 2048
New loan
New conventional
$2,628/mo
+$1,688/mo- Down payment
- $32,296
- Funds due
- $41,012
- Interest + MI left
- $434,749
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,704 | $51,704 | $286,704 |
| Second mortgage | — | $235,000 | — |
| First P&I | $310.81 | $310.81 | $1,985.08 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $43.60 | $43.60 | $57.34 |
| Taxes, insurance & HOA | $585.75 | $585.75 | $585.75 |
| Total housing payment | $940.16 | $2,623.73 | $2,628.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,296
Closing costs & prepaids$12,085
Usable credit−$0
Total buyer cash needed$44,381
Earnest money paid−$0
Remaining funds due$44,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$605.25
Initial HOA (3 months)$702.00
Prepaid interest, first (2 days)$12.66
Prepaid interest, second (2 days)$99.79
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 8 moOf the original 30-year loan at 4.470%
Interest already paid$21,227Through Nov 2026
Assumption only · ends Jul 2048$35,930
Assumption + second · ends Jul 2048, second Dec 2056$407,015
New conventional · ends Dec 2056$434,749