Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,479/mo
Lowest payment- Down payment
- $207,983
- Funds due
- $221,816
- Interest + MI left
- $256,419
- First ends
- Jun 2055
Assumption
Assumption + second
$3,550/mo
+$1,071/mo- Down payment
- $61,983
- Funds due
- $77,354
- Interest + MI left
- $496,085
- First ends
- Jun 2055
New loan
New conventional
$4,316/mo
+$1,837/mo- Down payment
- $61,983
- Funds due
- $74,049
- Interest + MI left
- $807,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,517 | $406,517 | $552,517 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,824.43 | $1,824.43 | $3,742.94 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $192.14 | $192.14 | $110.50 |
| Taxes, insurance & HOA | $462.50 | $462.50 | $462.50 |
| Total housing payment | $2,479.07 | $3,550.36 | $4,315.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,983
Closing costs & prepaids$15,371
Usable credit−$0
Total buyer cash needed$77,354
Earnest money paid−$0
Remaining funds due$77,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,145.00
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)$737.50
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$325.77
Prepaid interest, second (9 days)$288.00
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 closing28 yr 6 moOf the original 30-year loan at 3.25%
Interest already paid$20,147Through Dec 2026
Assumption only · ends Jun 2055$256,419
Assumption + second · ends Jun 2055, second Jan 2057$496,085
New conventional · ends Jan 2057$807,871