Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,106/mo
Lowest payment- Down payment
- $387,220
- Funds due
- $400,491
- Interest + MI left
- $52,110
- First ends
- Jun 2040
Assumption
Assumption + second
$4,456/mo
+$2,350/mo- Down payment
- $59,220
- Funds due
- $74,368
- Interest + MI left
- $570,049
- First ends
- Jun 2040
New loan
New conventional
$4,113/mo
+$2,006/mo- Down payment
- $59,220
- Funds due
- $70,931
- Interest + MI left
- $767,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,780 | $196,780 | $524,780 |
| Second mortgage | — | $328,000 | — |
| First P&I | $1,387.95 | $1,387.95 | $3,555.04 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $265.63 | $265.63 | $104.96 |
| Taxes, insurance & HOA | $452.92 | $452.92 | $452.92 |
| Total housing payment | $2,106.49 | $4,456.33 | $4,112.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,220
Closing costs & prepaids$15,148
Usable credit−$0
Total buyer cash needed$74,368
Earnest money paid−$0
Remaining funds due$74,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,840.00
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)$700.75
Initial HOA (3 months)$158.01
Prepaid interest, first (9 days)$97.53
Prepaid interest, second (9 days)$626.79
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 closing13 yr 6 moOf the original 30-year loan at 2.01%
Interest already paid$96,594Through Dec 2026
Assumption only · ends Jun 2040$52,110
Assumption + second · ends Jun 2040, second Jan 2057$570,049
New conventional · ends Jan 2057$767,315