Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $252,713
- Funds due
- $263,054
- Interest + MI left
- $44,250
- First ends
- Mar 2038
Assumption
Assumption + second
$2,989/mo
+$1,555/mo- Down payment
- $35,713
- Funds due
- $47,397
- Interest + MI left
- $386,911
- First ends
- Mar 2038
New loan
New conventional
$2,585/mo
+$1,150/mo- Down payment
- $35,713
- Funds due
- $43,995
- Interest + MI left
- $476,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,287 | $97,287 | $314,287 |
| Second mortgage | — | $217,000 | — |
| First P&I | $969.79 | $969.79 | $2,176.06 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $119.13 | $119.13 | $62.86 |
| Taxes, insurance & HOA | $345.58 | $345.58 | $345.58 |
| Total housing payment | $1,434.51 | $2,989.12 | $2,584.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,713
Closing costs & prepaids$11,684
Usable credit−$0
Total buyer cash needed$47,397
Earnest money paid−$0
Remaining funds due$47,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$286.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$30.07
Prepaid interest, second (2 days)$92.15
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 4 moOf the original 30-year loan at 5.640%
Interest already paid$146,330Through Nov 2026
Assumption only · ends Mar 2038$44,250
Assumption + second · ends Mar 2038, second Dec 2056$386,911
New conventional · ends Dec 2056$476,575