Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,157/mo
Lowest payment- Down payment
- $282,565
- Funds due
- $292,942
- Interest + MI left
- $37,746
- First ends
- Aug 2038
Assumption
Assumption + second
$2,926/mo
+$1,770/mo- Down payment
- $35,565
- Funds due
- $47,297
- Interest + MI left
- $427,779
- First ends
- Aug 2038
New loan
New conventional
$2,618/mo
+$1,461/mo- Down payment
- $35,565
- Funds due
- $43,891
- Interest + MI left
- $484,430
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,425 | $72,425 | $319,425 |
| Second mortgage | — | $247,000 | — |
| First P&I | $731.32 | $731.32 | $2,211.63 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $82.99 | $82.99 | $63.89 |
| Taxes, insurance & HOA | $342.33 | $342.33 | $342.33 |
| Total housing payment | $1,156.64 | $2,926.18 | $2,617.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,565
Closing costs & prepaids$11,732
Usable credit−$0
Total buyer cash needed$47,297
Earnest money paid−$0
Remaining funds due$47,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.90
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)$358.00
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$25.32
Prepaid interest, second (2 days)$104.89
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 closing11 yr 9 moOf the original 30-year loan at 6.380%
Interest already paid$115,422Through Nov 2026
Assumption only · ends Aug 2038$37,746
Assumption + second · ends Aug 2038, second Dec 2056$427,779
New conventional · ends Dec 2056$484,430