Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,107/mo
Lowest payment- Down payment
- $246,292
- Funds due
- $257,907
- Interest + MI left
- $72,220
- First ends
- Dec 2040
Assumption
Assumption + second
$3,547/mo
+$1,440/mo- Down payment
- $45,292
- Funds due
- $58,541
- Interest + MI left
- $389,616
- First ends
- Dec 2040
New loan
New conventional
$3,207/mo
+$1,100/mo- Down payment
- $45,292
- Funds due
- $55,194
- Interest + MI left
- $590,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,708 | $202,708 | $403,708 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,528.97 | $1,528.97 | $2,734.86 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $186.57 | $186.57 | $80.74 |
| Taxes, insurance & HOA | $391.58 | $391.58 | $391.58 |
| Total housing payment | $2,107.13 | $3,547.11 | $3,207.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,292
Closing costs & prepaids$13,249
Usable credit−$0
Total buyer cash needed$58,541
Earnest money paid−$0
Remaining funds due$58,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$175.44
Prepaid interest, second (9 days)$384.10
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 yrOf the original 20-year loan at 3.51%
Interest already paid$49,394Through Dec 2026
Assumption only · ends Dec 2040$72,220
Assumption + second · ends Dec 2040, second Jan 2057$389,616
New conventional · ends Jan 2057$590,288