Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
Lowest payment- Down payment
- $432,023
- Funds due
- $445,923
- Interest + MI left
- $84,221
- First ends
- Jul 2039
Assumption
Assumption + second
$5,053/mo
+$2,644/mo- Down payment
- $63,023
- Funds due
- $78,878
- Interest + MI left
- $666,903
- First ends
- Jul 2039
New loan
New conventional
$4,399/mo
+$1,989/mo- Down payment
- $63,023
- Funds due
- $75,260
- Interest + MI left
- $820,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,977 | $191,977 | $560,977 |
| Second mortgage | — | $369,000 | — |
| First P&I | $1,694.28 | $1,694.28 | $3,800.25 |
| Second P&I | — | $2,643.56 | — |
| Mortgage insurance | $229.27 | $229.27 | $112.20 |
| Taxes, insurance & HOA | $486.25 | $486.25 | $486.25 |
| Total housing payment | $2,409.80 | $5,053.36 | $4,398.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,023
Closing costs & prepaids$15,855
Usable credit−$0
Total buyer cash needed$78,878
Earnest money paid−$0
Remaining funds due$78,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,240.00
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)$748.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$226.27
Prepaid interest, second (9 days)$705.14
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 closing12 yr 7 moOf the original 30-year loan at 4.78%
Interest already paid$222,411Through Dec 2026
Assumption only · ends Jul 2039$84,221
Assumption + second · ends Jul 2039, second Jan 2057$666,903
New conventional · ends Jan 2057$820,241