Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $381,224
- Funds due
- $394,093
- Interest + MI left
- $71,916
- First ends
- Nov 2041
Assumption
Assumption + second
$4,133/mo
+$2,343/mo- Down payment
- $54,224
- Funds due
- $68,968
- Interest + MI left
- $588,276
- First ends
- Nov 2041
New loan
New conventional
$3,814/mo
+$2,023/mo- Down payment
- $54,224
- Funds due
- $65,440
- Interest + MI left
- $702,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,776 | $153,776 | $480,776 |
| Second mortgage | — | $327,000 | — |
| First P&I | $1,163.00 | $1,163.00 | $3,256.94 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | $167.06 | $167.06 | $96.16 |
| Taxes, insurance & HOA | $460.67 | $460.67 | $460.67 |
| Total housing payment | $1,790.73 | $4,133.40 | $3,813.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,224
Closing costs & prepaids$14,744
Usable credit−$0
Total buyer cash needed$68,968
Earnest money paid−$0
Remaining funds due$68,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$161.91
Prepaid interest, second (9 days)$624.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 4.27%
Interest already paid$128,430Through Dec 2026
Assumption only · ends Nov 2041$71,916
Assumption + second · ends Nov 2041, second Jan 2057$588,276
New conventional · ends Jan 2057$702,974