Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
Lowest payment- Down payment
- $280,724
- Funds due
- $294,833
- Interest + MI left
- $183,743
- First ends
- Aug 2049
Assumption
Assumption + second
$4,232/mo
+$1,612/mo- Down payment
- $55,724
- Funds due
- $71,131
- Interest + MI left
- $539,037
- First ends
- Aug 2049
New loan
New conventional
$4,408/mo
+$1,788/mo- Down payment
- $55,724
- Funds due
- $67,546
- Interest + MI left
- $757,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,276 | $274,276 | $499,276 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,542.16 | $1,542.16 | $3,456.89 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $226.89 | $226.89 | $99.86 |
| Taxes, insurance & HOA | $851.17 | $851.17 | $851.17 |
| Total housing payment | $2,620.21 | $4,232.14 | $4,407.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,724
Closing costs & prepaids$15,407
Usable credit−$0
Total buyer cash needed$71,131
Earnest money paid−$0
Remaining funds due$71,131
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$1,804.50
Initial HOA (3 months)$249.00
Prepaid interest, first (1 days)$30.58
Prepaid interest, second (1 days)$47.77
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 closing22 yr 9 moOf the original 30-year loan at 4.070%
Interest already paid$88,135Through Nov 2026
Assumption only · ends Aug 2049$183,743
Assumption + second · ends Aug 2049, second Dec 2056$539,037
New conventional · ends Dec 2056$757,186