Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,333/mo
+$323/mo- Down payment
- $178,086
- Funds due
- $189,069
- Interest + MI left
- $111,338
- First ends
- Jan 2037
Assumption
Assumption + second
$4,330/mo
+$1,321/mo- Down payment
- $42,086
- Funds due
- $54,349
- Interest + MI left
- $334,589
- First ends
- Jan 2037
New loan
New conventional
$3,010/mo
Lowest payment- Down payment
- $42,086
- Funds due
- $50,881
- Interest + MI left
- $571,615
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,914 | $240,914 | $376,914 |
| Second mortgage | — | $136,000 | — |
| First P&I | $2,704.90 | $2,704.90 | $2,609.68 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $302.81 | $302.81 | $75.38 |
| Taxes, insurance & HOA | $324.84 | $324.84 | $324.84 |
| Total housing payment | $3,332.55 | $4,330.47 | $3,009.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,086
Closing costs & prepaids$12,262
Usable credit−$0
Total buyer cash needed$54,349
Earnest money paid−$0
Remaining funds due$54,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$507.50
Initial HOA (3 months)$17.01
Prepaid interest, first (1 days)$42.97
Prepaid interest, second (1 days)$29.81
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 closing10 yr 2 moOf the original 30-year loan at 6.510%
Interest already paid$457,180Through Nov 2026
Assumption only · ends Jan 2037$111,338
Assumption + second · ends Jan 2037, second Dec 2056$334,589
New conventional · ends Dec 2056$571,615