Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $253,225
- Funds due
- $263,805
- Interest + MI left
- $43,723
- First ends
- Mar 2038
Assumption
Assumption + second
$3,041/mo
+$1,562/mo- Down payment
- $35,225
- Funds due
- $47,471
- Interest + MI left
- $387,964
- First ends
- Mar 2038
New loan
New conventional
$2,585/mo
+$1,106/mo- Down payment
- $35,225
- Funds due
- $44,075
- Interest + MI left
- $460,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,775 | $96,775 | $314,775 |
| Second mortgage | — | $218,000 | — |
| First P&I | $969.79 | $969.79 | $2,132.40 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $119.13 | $119.13 | $62.96 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,478.92 | $3,040.70 | $2,585.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,225
Closing costs & prepaids$12,246
Usable credit−$0
Total buyer cash needed$47,471
Earnest money paid−$0
Remaining funds due$47,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$134.58
Prepaid interest, second (9 days)$416.59
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 3 moOf the original 30-year loan at 5.64%
Interest already paid$146,788Through Dec 2026
Assumption only · ends Mar 2038$43,723
Assumption + second · ends Mar 2038, second Jan 2057$387,964
New conventional · ends Jan 2057$460,253