Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,832/mo
Lowest payment- Down payment
- $63,909
- Funds due
- $76,128
- Interest + MI left
- $384,258
- First ends
- Dec 2055
Assumption
Assumption + second
$3,240/mo
+$408/mo- Down payment
- $23,909
- Funds due
- $37,391
- Interest + MI left
- $490,994
- First ends
- Dec 2055
New loan
New conventional
$3,671/mo
+$839/mo- Down payment
- $23,909
- Funds due
- $34,126
- Interest + MI left
- $677,325
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,091 | $405,091 | $445,091 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,143.40 | $2,143.40 | $3,081.72 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $188.33 | $188.33 | $89.02 |
| Taxes, insurance & HOA | $500.42 | $500.42 | $500.42 |
| Total housing payment | $2,832.14 | $3,239.74 | $3,671.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,909
Closing costs & prepaids$13,482
Usable credit−$0
Total buyer cash needed$37,391
Earnest money paid−$0
Remaining funds due$37,391
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$545.25
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$52.72
Prepaid interest, second (1 days)$13.01
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 closing29 yr 1 moOf the original 30-year loan at 4.750%
Interest already paid$17,777Through Nov 2026
Assumption only · ends Dec 2055$384,258
Assumption + second · ends Dec 2055, second Dec 2056$490,994
New conventional · ends Dec 2056$677,325