Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $263,058
- Funds due
- $275,252
- Interest + MI left
- $100,915
- First ends
- Mar 2048
Assumption
Assumption + second
$3,327/mo
+$1,526/mo- Down payment
- $50,058
- Funds due
- $63,547
- Interest + MI left
- $437,260
- First ends
- Mar 2048
New loan
New conventional
$3,587/mo
+$1,786/mo- Down payment
- $50,058
- Funds due
- $60,024
- Interest + MI left
- $674,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,942 | $231,942 | $444,942 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,189.40 | $1,189.40 | $3,080.69 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $194.36 | $194.36 | $88.99 |
| Taxes, insurance & HOA | $417.25 | $417.25 | $417.25 |
| Total housing payment | $1,801.01 | $3,326.97 | $3,586.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,058
Closing costs & prepaids$13,489
Usable credit−$0
Total buyer cash needed$63,547
Earnest money paid−$0
Remaining funds due$63,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$406.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$16.97
Prepaid interest, second (1 days)$45.23
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 closing21 yr 4 moOf the original 27-year loan at 2.670%
Interest already paid$38,432Through Nov 2026
Assumption only · ends Mar 2048$100,915
Assumption + second · ends Mar 2048, second Dec 2056$437,260
New conventional · ends Dec 2056$674,695