Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,905/mo
Lowest payment- Down payment
- $337,223
- Funds due
- $349,227
- Interest + MI left
- $70,662
- First ends
- Oct 2038
Assumption
Assumption + second
$3,983/mo
+$2,078/mo- Down payment
- $47,223
- Funds due
- $60,600
- Interest + MI left
- $528,597
- First ends
- Oct 2038
New loan
New conventional
$3,435/mo
+$1,530/mo- Down payment
- $47,223
- Funds due
- $57,079
- Interest + MI left
- $639,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,777 | $131,777 | $421,777 |
| Second mortgage | — | $290,000 | — |
| First P&I | $1,325.72 | $1,325.72 | $2,920.30 |
| Second P&I | — | $2,077.60 | — |
| Mortgage insurance | $148.72 | $148.72 | $84.36 |
| Taxes, insurance & HOA | $430.59 | $430.59 | $430.59 |
| Total housing payment | $1,905.02 | $3,982.62 | $3,435.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,223
Closing costs & prepaids$13,377
Usable credit−$0
Total buyer cash needed$60,600
Earnest money paid−$0
Remaining funds due$60,600
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)$504.75
Initial HOA (3 months)$287.01
Prepaid interest, first (2 days)$46.86
Prepaid interest, second (2 days)$123.15
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 11 moOf the original 30-year loan at 6.490%
Interest already paid$209,496Through Nov 2026
Assumption only · ends Oct 2038$70,662
Assumption + second · ends Oct 2038, second Dec 2056$528,597
New conventional · ends Dec 2056$639,653