Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,078/mo
Lowest payment- Down payment
- $256,259
- Funds due
- $267,958
- Interest + MI left
- $72,917
- First ends
- Dec 2040
Assumption
Assumption + second
$3,582/mo
+$1,504/mo- Down payment
- $46,259
- Funds due
- $59,297
- Interest + MI left
- $404,524
- First ends
- Dec 2040
New loan
New conventional
$3,309/mo
+$1,231/mo- Down payment
- $46,259
- Funds due
- $55,824
- Interest + MI left
- $627,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,641 | $203,641 | $413,641 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,528.97 | $1,528.97 | $2,863.97 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $186.57 | $186.57 | $82.73 |
| Taxes, insurance & HOA | $362.08 | $362.08 | $362.08 |
| Total housing payment | $2,077.63 | $3,582.09 | $3,308.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,259
Closing costs & prepaids$13,039
Usable credit−$0
Total buyer cash needed$59,297
Earnest money paid−$0
Remaining funds due$59,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$400.25
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$39.17
Prepaid interest, second (2 days)$89.18
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 closing14 yr 1 moOf the original 20-year loan at 3.510%
Interest already paid$48,798Through Nov 2026
Assumption only · ends Dec 2040$72,917
Assumption + second · ends Dec 2040, second Dec 2056$404,524
New conventional · ends Dec 2056$627,314