Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $295,038
- Funds due
- $307,296
- Interest + MI left
- $102,594
- First ends
- Jan 2047
Assumption
Assumption + second
$3,521/mo
+$1,762/mo- Down payment
- $49,038
- Funds due
- $62,598
- Interest + MI left
- $491,049
- First ends
- Jan 2047
New loan
New conventional
$3,596/mo
+$1,838/mo- Down payment
- $49,038
- Funds due
- $59,077
- Interest + MI left
- $668,749
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,962 | $194,962 | $440,962 |
| Second mortgage | — | $246,000 | — |
| First P&I | $1,126.26 | $1,126.26 | $3,053.13 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | $177.22 | $177.22 | $88.19 |
| Taxes, insurance & HOA | $454.83 | $454.83 | $454.83 |
| Total housing payment | $1,758.31 | $3,520.68 | $3,596.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,038
Closing costs & prepaids$13,561
Usable credit−$0
Total buyer cash needed$62,598
Earnest money paid−$0
Remaining funds due$62,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$492.50
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$18.80
Prepaid interest, second (1 days)$52.23
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 closing20 yr 2 moOf the original 30-year loan at 3.520%
Interest already paid$77,671Through Nov 2026
Assumption only · ends Jan 2047$102,594
Assumption + second · ends Jan 2047, second Dec 2056$491,049
New conventional · ends Dec 2056$668,749