Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
Lowest payment- Down payment
- $207,261
- Funds due
- $220,480
- Interest + MI left
- $257,647
- First ends
- Jun 2055
Assumption
Assumption + second
$3,435/mo
+$1,064/mo- Down payment
- $62,261
- Funds due
- $76,762
- Interest + MI left
- $495,672
- First ends
- Jun 2055
New loan
New conventional
$4,288/mo
+$1,917/mo- Down payment
- $62,261
- Funds due
- $73,133
- Interest + MI left
- $837,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,239 | $407,239 | $552,239 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,824.43 | $1,824.43 | $3,823.59 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $192.14 | $192.14 | $110.45 |
| Taxes, insurance & HOA | $354.08 | $354.08 | $354.08 |
| Total housing payment | $2,370.65 | $3,434.61 | $4,288.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,261
Closing costs & prepaids$14,500
Usable credit−$0
Total buyer cash needed$76,762
Earnest money paid−$0
Remaining funds due$76,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,145.00
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)$412.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$36.26
Prepaid interest, second (1 days)$31.78
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 closing28 yr 7 moOf the original 30-year loan at 3.250%
Interest already paid$19,044Through Nov 2026
Assumption only · ends Jun 2055$257,647
Assumption + second · ends Jun 2055, second Dec 2056$495,672
New conventional · ends Dec 2056$837,397