Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $242,141
- Funds due
- $253,225
- Interest + MI left
- $109,709
- First ends
- Mar 2047
Assumption
Assumption + second
$3,038/mo
+$1,433/mo- Down payment
- $42,141
- Funds due
- $54,517
- Interest + MI left
- $425,526
- First ends
- Mar 2047
New loan
New conventional
$3,055/mo
+$1,449/mo- Down payment
- $42,141
- Funds due
- $51,060
- Interest + MI left
- $573,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,859 | $177,859 | $377,859 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,085.16 | $1,085.16 | $2,616.22 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $157.18 | $157.18 | $75.57 |
| Taxes, insurance & HOA | $362.83 | $362.83 | $362.83 |
| Total housing payment | $1,605.18 | $3,038.00 | $3,054.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,141
Closing costs & prepaids$12,376
Usable credit−$0
Total buyer cash needed$54,517
Earnest money paid−$0
Remaining funds due$54,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$392.50
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$20.47
Prepaid interest, second (1 days)$42.47
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 4 moOf the original 30-year loan at 4.200%
Interest already paid$81,832Through Nov 2026
Assumption only · ends Mar 2047$109,709
Assumption + second · ends Mar 2047, second Dec 2056$425,526
New conventional · ends Dec 2056$573,049