Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $283,257
- Funds due
- $296,119
- Interest + MI left
- $111,327
- First ends
- Nov 2047
Assumption
Assumption + second
$3,656/mo
+$1,691/mo- Down payment
- $47,257
- Funds due
- $61,469
- Interest + MI left
- $483,991
- First ends
- Nov 2047
New loan
New conventional
$3,727/mo
+$1,762/mo- Down payment
- $47,257
- Funds due
- $57,978
- Interest + MI left
- $640,967
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,643 | $186,643 | $422,643 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,086.03 | $1,086.03 | $2,926.29 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $163.10 | $163.10 | $84.53 |
| Taxes, insurance & HOA | $716.17 | $716.17 | $716.17 |
| Total housing payment | $1,965.29 | $3,656.02 | $3,726.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,257
Closing costs & prepaids$14,213
Usable credit−$0
Total buyer cash needed$61,469
Earnest money paid−$0
Remaining funds due$61,469
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)$1,003.50
Initial HOA (3 months)$645.00
Prepaid interest, first (2 days)$39.89
Prepaid interest, second (2 days)$100.22
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 yrOf the original 30-year loan at 3.900%
Interest already paid$73,682Through Nov 2026
Assumption only · ends Nov 2047$111,327
Assumption + second · ends Nov 2047, second Dec 2056$483,991
New conventional · ends Dec 2056$640,967