Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $292,185
- Funds due
- $303,619
- Interest + MI left
- $45,616
- First ends
- Dec 2038
Assumption
Assumption + second
$3,373/mo
+$1,820/mo- Down payment
- $38,185
- Funds due
- $50,977
- Interest + MI left
- $446,703
- First ends
- Dec 2038
New loan
New conventional
$3,030/mo
+$1,477/mo- Down payment
- $38,185
- Funds due
- $47,545
- Interest + MI left
- $512,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,815 | $83,815 | $337,815 |
| Second mortgage | — | $254,000 | — |
| First P&I | $835.94 | $835.94 | $2,338.96 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $93.68 | $93.68 | $67.56 |
| Taxes, insurance & HOA | $623.25 | $623.25 | $623.25 |
| Total housing payment | $1,552.87 | $3,372.55 | $3,029.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,185
Closing costs & prepaids$12,792
Usable credit−$0
Total buyer cash needed$50,977
Earnest money paid−$0
Remaining funds due$50,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,760.00
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)$324.75
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$29.85
Prepaid interest, second (2 days)$107.86
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 closing12 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$131,287Through Nov 2026
Assumption only · ends Dec 2038$45,616
Assumption + second · ends Dec 2038, second Dec 2056$446,703
New conventional · ends Dec 2056$512,252