Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,834/mo
Lowest payment- Down payment
- $377,805
- Funds due
- $390,765
- Interest + MI left
- $150,917
- First ends
- Jun 2048
Assumption
Assumption + second
$4,106/mo
+$2,271/mo- Down payment
- $60,805
- Funds due
- $75,083
- Interest + MI left
- $651,486
- First ends
- Jun 2048
New loan
New conventional
$4,157/mo
+$2,322/mo- Down payment
- $60,805
- Funds due
- $71,440
- Interest + MI left
- $816,101
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,195 | $221,195 | $538,195 |
| Second mortgage | — | $317,000 | — |
| First P&I | $1,324.25 | $1,324.25 | $3,726.35 |
| Second P&I | — | $2,271.03 | — |
| Mortgage insurance | $187.32 | $187.32 | $107.64 |
| Taxes, insurance & HOA | $322.92 | $322.92 | $322.92 |
| Total housing payment | $1,834.49 | $4,105.52 | $4,156.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,805
Closing costs & prepaids$14,278
Usable credit−$0
Total buyer cash needed$75,083
Earnest money paid−$0
Remaining funds due$75,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$456.25
Initial HOA (3 months)$12.51
Prepaid interest, first (1 days)$26.66
Prepaid interest, second (1 days)$67.31
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 closing21 yr 7 moOf the original 30-year loan at 4.400%
Interest already paid$90,496Through Nov 2026
Assumption only · ends Jun 2048$150,917
Assumption + second · ends Jun 2048, second Dec 2056$651,486
New conventional · ends Dec 2056$816,101