Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $400,016
- Funds due
- $414,504
- Interest + MI left
- $151,066
- First ends
- Jul 2047
Assumption
Assumption + second
$4,760/mo
+$2,400/mo- Down payment
- $65,016
- Funds due
- $80,897
- Interest + MI left
- $680,059
- First ends
- Jul 2047
New loan
New conventional
$4,820/mo
+$2,461/mo- Down payment
- $65,016
- Funds due
- $77,237
- Interest + MI left
- $887,168
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,984 | $249,984 | $584,984 |
| Second mortgage | — | $335,000 | — |
| First P&I | $1,486.97 | $1,486.97 | $4,050.31 |
| Second P&I | — | $2,399.98 | — |
| Mortgage insurance | $219.82 | $219.82 | $117.00 |
| Taxes, insurance & HOA | $652.83 | $652.83 | $652.83 |
| Total housing payment | $2,359.62 | $4,759.61 | $4,820.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,016
Closing costs & prepaids$15,881
Usable credit−$0
Total buyer cash needed$80,897
Earnest money paid−$0
Remaining funds due$80,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,128.50
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$55.20
Prepaid interest, second (2 days)$142.26
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 8 moOf the original 30-year loan at 4.030%
Interest already paid$106,188Through Nov 2026
Assumption only · ends Jul 2047$151,066
Assumption + second · ends Jul 2047, second Dec 2056$680,059
New conventional · ends Dec 2056$887,168