Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,179/mo
Lowest payment- Down payment
- $282,911
- Funds due
- $293,445
- Interest + MI left
- $37,307
- First ends
- Aug 2038
Assumption
Assumption + second
$2,949/mo
+$1,770/mo- Down payment
- $35,911
- Funds due
- $48,167
- Interest + MI left
- $427,341
- First ends
- Aug 2038
New loan
New conventional
$2,590/mo
+$1,411/mo- Down payment
- $35,911
- Funds due
- $44,737
- Interest + MI left
- $466,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,079 | $72,079 | $319,079 |
| Second mortgage | — | $247,000 | — |
| First P&I | $731.32 | $731.32 | $2,161.55 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $82.99 | $82.99 | $63.82 |
| Taxes, insurance & HOA | $365.00 | $365.00 | $365.00 |
| Total housing payment | $1,179.30 | $2,948.84 | $2,590.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,911
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$48,167
Earnest money paid−$0
Remaining funds due$48,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.90
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)$426.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$113.39
Prepaid interest, second (9 days)$472.01
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 closing11 yr 8 moOf the original 30-year loan at 6.38%
Interest already paid$115,807Through Dec 2026
Assumption only · ends Aug 2038$37,307
Assumption + second · ends Aug 2038, second Jan 2057$427,341
New conventional · ends Jan 2057$466,546