Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $328,899
- Funds due
- $342,151
- Interest + MI left
- $175,100
- First ends
- Aug 2049
Assumption
Assumption + second
$4,065/mo
+$1,927/mo- Down payment
- $59,899
- Funds due
- $74,458
- Interest + MI left
- $599,874
- First ends
- Aug 2049
New loan
New conventional
$4,245/mo
+$2,107/mo- Down payment
- $59,899
- Funds due
- $70,832
- Interest + MI left
- $811,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,101 | $266,101 | $535,101 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,484.66 | $1,484.66 | $3,704.93 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $220.54 | $220.54 | $107.02 |
| Taxes, insurance & HOA | $432.75 | $432.75 | $432.75 |
| Total housing payment | $2,137.96 | $4,065.10 | $4,244.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,899
Closing costs & prepaids$14,559
Usable credit−$0
Total buyer cash needed$74,458
Earnest money paid−$0
Remaining funds due$74,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$741.25
Initial HOA (3 months)$57.00
Prepaid interest, first (1 days)$29.09
Prepaid interest, second (1 days)$57.12
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 closing22 yr 9 moOf the original 30-year loan at 3.990%
Interest already paid$83,912Through Nov 2026
Assumption only · ends Aug 2049$175,100
Assumption + second · ends Aug 2049, second Dec 2056$599,874
New conventional · ends Dec 2056$811,517