Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $253,162
- Funds due
- $266,377
- Interest + MI left
- $135,442
- First ends
- Sep 2047
Assumption
Assumption + second
$3,791/mo
+$1,461/mo- Down payment
- $49,162
- Funds due
- $63,714
- Interest + MI left
- $457,575
- First ends
- Sep 2047
New loan
New conventional
$3,874/mo
+$1,544/mo- Down payment
- $49,162
- Funds due
- $60,212
- Interest + MI left
- $656,341
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,838 | $228,838 | $432,838 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,338.43 | $1,338.43 | $2,996.88 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $201.00 | $201.00 | $86.57 |
| Taxes, insurance & HOA | $790.25 | $790.25 | $790.25 |
| Total housing payment | $2,329.68 | $3,791.16 | $3,873.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,162
Closing costs & prepaids$14,551
Usable credit−$0
Total buyer cash needed$63,714
Earnest money paid−$0
Remaining funds due$63,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,820.00
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)$625.75
Initial HOA (3 months)$1,245.00
Prepaid interest, first (2 days)$48.90
Prepaid interest, second (2 days)$86.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.900%
Interest already paid$92,300Through Nov 2026
Assumption only · ends Sep 2047$135,442
Assumption + second · ends Sep 2047, second Dec 2056$457,575
New conventional · ends Dec 2056$656,341