Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,733/mo
Lowest payment- Down payment
- $274,489
- Funds due
- $285,689
- Interest + MI left
- $46,838
- First ends
- Sep 2039
Assumption
Assumption + second
$3,388/mo
+$1,655/mo- Down payment
- $43,489
- Funds due
- $55,988
- Interest + MI left
- $411,607
- First ends
- Sep 2039
New loan
New conventional
$3,105/mo
+$1,372/mo- Down payment
- $43,489
- Funds due
- $52,518
- Interest + MI left
- $578,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,511 | $150,511 | $381,511 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,195.88 | $1,195.88 | $2,641.51 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $149.48 | $149.48 | $76.30 |
| Taxes, insurance & HOA | $387.25 | $387.25 | $387.25 |
| Total housing payment | $1,732.61 | $3,387.52 | $3,105.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,489
Closing costs & prepaids$12,499
Usable credit−$0
Total buyer cash needed$55,988
Earnest money paid−$0
Remaining funds due$55,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$531.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$13.36
Prepaid interest, second (1 days)$49.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 20-year loan at 3.240%
Interest already paid$42,328Through Nov 2026
Assumption only · ends Sep 2039$46,838
Assumption + second · ends Sep 2039, second Dec 2056$411,607
New conventional · ends Dec 2056$578,511