Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,108/mo
Lowest payment- Down payment
- $247,192
- Funds due
- $258,817
- Interest + MI left
- $72,220
- First ends
- Dec 2040
Assumption
Assumption + second
$3,555/mo
+$1,447/mo- Down payment
- $45,192
- Funds due
- $58,453
- Interest + MI left
- $391,195
- First ends
- Dec 2040
New loan
New conventional
$3,215/mo
+$1,107/mo- Down payment
- $45,192
- Funds due
- $55,107
- Interest + MI left
- $591,750
- 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 | $404,708 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,528.97 | $1,528.97 | $2,741.63 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $186.57 | $186.57 | $80.94 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $2,107.54 | $3,554.70 | $3,214.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,192
Closing costs & prepaids$13,261
Usable credit−$0
Total buyer cash needed$58,453
Earnest money paid−$0
Remaining funds due$58,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$175.44
Prepaid interest, second (9 days)$386.01
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 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$391,195
New conventional · ends Jan 2057$591,750