Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $396,963
- Funds due
- $410,206
- Interest + MI left
- $52,587
- First ends
- Jun 2040
Assumption
Assumption + second
$4,504/mo
+$2,414/mo- Down payment
- $59,963
- Funds due
- $74,527
- Interest + MI left
- $584,738
- First ends
- Jun 2040
New loan
New conventional
$4,246/mo
+$2,156/mo- Down payment
- $59,963
- Funds due
- $70,903
- Interest + MI left
- $811,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,837 | $197,837 | $534,837 |
| Second mortgage | — | $337,000 | — |
| First P&I | $1,387.95 | $1,387.95 | $3,703.10 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $265.63 | $265.63 | $106.97 |
| Taxes, insurance & HOA | $436.09 | $436.09 | $436.09 |
| Total housing payment | $2,089.66 | $4,503.97 | $4,246.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,963
Closing costs & prepaids$14,564
Usable credit−$0
Total buyer cash needed$74,527
Earnest money paid−$0
Remaining funds due$74,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,948.00
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)$650.25
Initial HOA (3 months)$158.01
Prepaid interest, first (1 days)$10.89
Prepaid interest, second (1 days)$71.55
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 closing13 yr 7 moOf the original 30-year loan at 2.010%
Interest already paid$96,262Through Nov 2026
Assumption only · ends Jun 2040$52,587
Assumption + second · ends Jun 2040, second Dec 2056$584,738
New conventional · ends Dec 2056$811,116