Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $359,780
- Funds due
- $373,088
- Interest + MI left
- $99,731
- First ends
- Aug 2048
Assumption
Assumption + second
$3,945/mo
+$2,214/mo- Down payment
- $50,780
- Funds due
- $65,469
- Interest + MI left
- $587,668
- First ends
- Aug 2048
New loan
New conventional
$3,962/mo
+$2,231/mo- Down payment
- $50,780
- Funds due
- $61,927
- Interest + MI left
- $679,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,220 | $139,220 | $448,220 |
| Second mortgage | — | $309,000 | — |
| First P&I | $844.96 | $844.96 | $3,103.38 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $116.75 | $116.75 | $89.64 |
| Taxes, insurance & HOA | $769.42 | $769.42 | $769.42 |
| Total housing payment | $1,731.13 | $3,944.85 | $3,962.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,780
Closing costs & prepaids$14,690
Usable credit−$0
Total buyer cash needed$65,469
Earnest money paid−$0
Remaining funds due$65,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,233.25
Initial HOA (3 months)$575.01
Prepaid interest, first (2 days)$35.09
Prepaid interest, second (2 days)$131.22
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 9 moOf the original 30-year loan at 4.600%
Interest already paid$58,047Through Nov 2026
Assumption only · ends Aug 2048$99,731
Assumption + second · ends Aug 2048, second Dec 2056$587,668
New conventional · ends Dec 2056$679,666