Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,041/mo
Lowest payment- Down payment
- $250,955
- Funds due
- $261,275
- Interest + MI left
- $71,386
- First ends
- Feb 2048
Assumption
Assumption + second
$2,581/mo
+$1,540/mo- Down payment
- $35,955
- Funds due
- $47,617
- Interest + MI left
- $410,889
- First ends
- Feb 2048
New loan
New conventional
$2,577/mo
+$1,536/mo- Down payment
- $35,955
- Funds due
- $44,217
- Interest + MI left
- $476,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,045 | $99,045 | $314,045 |
| Second mortgage | — | $215,000 | — |
| First P&I | $617.57 | $617.57 | $2,174.38 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $83.86 | $83.86 | $62.81 |
| Taxes, insurance & HOA | $339.75 | $339.75 | $339.75 |
| Total housing payment | $1,041.18 | $2,581.47 | $2,576.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,955
Closing costs & prepaids$11,661
Usable credit−$0
Total buyer cash needed$47,617
Earnest money paid−$0
Remaining funds due$47,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.00
Initial HOA (3 months)$131.25
Prepaid interest, first (2 days)$25.78
Prepaid interest, second (2 days)$91.30
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 3 moOf the original 30-year loan at 4.750%
Interest already paid$45,501Through Nov 2026
Assumption only · ends Feb 2048$71,386
Assumption + second · ends Feb 2048, second Dec 2056$410,889
New conventional · ends Dec 2056$476,145