Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $253,114
- Funds due
- $265,502
- Interest + MI left
- $107,493
- First ends
- Dec 2046
Assumption
Assumption + second
$3,450/mo
+$1,483/mo- Down payment
- $46,114
- Funds due
- $59,928
- Interest + MI left
- $434,364
- First ends
- Dec 2046
New loan
New conventional
$3,445/mo
+$1,478/mo- Down payment
- $46,114
- Funds due
- $56,485
- Interest + MI left
- $597,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,786 | $206,786 | $413,786 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,199.28 | $1,199.28 | $2,783.56 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $189.18 | $189.18 | $82.76 |
| Taxes, insurance & HOA | $578.41 | $578.41 | $578.41 |
| Total housing payment | $1,966.87 | $3,449.84 | $3,444.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,114
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$59,928
Earnest money paid−$0
Remaining funds due$59,928
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$1,172.75
Initial HOA (3 months)$62.49
Prepaid interest, first (4 days)$79.32
Prepaid interest, second (4 days)$175.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 3.5%
Interest already paid$83,627Through Dec 2026
Assumption only · ends Dec 2046$107,493
Assumption + second · ends Dec 2046, second Jan 2057$434,364
New conventional · ends Jan 2057$597,897