Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,731/mo
Lowest payment- Down payment
- $221,859
- Funds due
- $232,921
- Interest + MI left
- $145,227
- First ends
- Aug 2048
Assumption
Assumption + second
$3,044/mo
+$1,313/mo- Down payment
- $42,859
- Funds due
- $55,249
- Interest + MI left
- $439,065
- First ends
- Aug 2048
New loan
New conventional
$3,051/mo
+$1,320/mo- Down payment
- $42,859
- Funds due
- $51,796
- Interest + MI left
- $579,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,141 | $203,141 | $382,141 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,231.79 | $1,231.79 | $2,645.87 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $170.40 | $170.40 | $76.43 |
| Taxes, insurance & HOA | $328.67 | $328.67 | $328.67 |
| Total housing payment | $1,730.86 | $3,044.29 | $3,050.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,859
Closing costs & prepaids$12,391
Usable credit−$0
Total buyer cash needed$55,249
Earnest money paid−$0
Remaining funds due$55,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$362.00
Initial HOA (3 months)$174.00
Prepaid interest, first (2 days)$51.09
Prepaid interest, second (2 days)$78.47
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 closing21 yr 9 moOf the original 30-year loan at 4.590%
Interest already paid$84,526Through Nov 2026
Assumption only · ends Aug 2048$145,227
Assumption + second · ends Aug 2048, second Dec 2056$439,065
New conventional · ends Dec 2056$579,543