Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $275,841
- Funds due
- $288,983
- Interest + MI left
- $127,253
- First ends
- Aug 2046
Assumption
Assumption + second
$3,881/mo
+$1,598/mo- Down payment
- $52,841
- Funds due
- $67,470
- Interest + MI left
- $479,389
- First ends
- Aug 2046
New loan
New conventional
$3,873/mo
+$1,590/mo- Down payment
- $52,841
- Funds due
- $63,994
- Interest + MI left
- $682,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,059 | $244,059 | $467,059 |
| Second mortgage | — | $223,000 | — |
| First P&I | $1,442.05 | $1,442.05 | $3,164.02 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $225.23 | $225.23 | $93.41 |
| Taxes, insurance & HOA | $616.00 | $616.00 | $616.00 |
| Total housing payment | $2,283.28 | $3,880.88 | $3,873.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,841
Closing costs & prepaids$14,628
Usable credit−$0
Total buyer cash needed$67,470
Earnest money paid−$0
Remaining funds due$67,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$1,325.75
Initial HOA (3 months)$22.26
Prepaid interest, first (5 days)$119.69
Prepaid interest, second (5 days)$236.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing19 yr 8 moOf the original 30-year loan at 3.58%
Interest already paid$104,906Through Dec 2026
Assumption only · ends Aug 2046$127,253
Assumption + second · ends Aug 2046, second Jan 2057$479,389
New conventional · ends Jan 2057$682,824