Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,215/mo
Lowest payment- Down payment
- $256,921
- Funds due
- $269,953
- Interest + MI left
- $115,299
- First ends
- Jan 2047
Assumption
Assumption + second
$3,713/mo
+$1,497/mo- Down payment
- $47,921
- Funds due
- $62,292
- Interest + MI left
- $445,328
- First ends
- Jan 2047
New loan
New conventional
$3,798/mo
+$1,582/mo- Down payment
- $47,921
- Funds due
- $58,805
- Interest + MI left
- $647,694
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,079 | $218,079 | $427,079 |
| Second mortgage | — | $209,000 | — |
| First P&I | $1,262.05 | $1,262.05 | $2,957.01 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $198.09 | $198.09 | $85.42 |
| Taxes, insurance & HOA | $755.08 | $755.08 | $755.08 |
| Total housing payment | $2,215.22 | $3,712.52 | $3,797.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,921
Closing costs & prepaids$14,371
Usable credit−$0
Total buyer cash needed$62,292
Earnest money paid−$0
Remaining funds due$62,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,534.25
Initial HOA (3 months)$231.00
Prepaid interest, first (2 days)$42.30
Prepaid interest, second (2 days)$88.75
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 closing20 yr 2 moOf the original 30-year loan at 3.540%
Interest already paid$87,342Through Nov 2026
Assumption only · ends Jan 2047$115,299
Assumption + second · ends Jan 2047, second Dec 2056$445,328
New conventional · ends Dec 2056$647,694