Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $312,421
- Funds due
- $324,943
- Interest + MI left
- $297,404
- First ends
- Dec 2055
Assumption
Assumption + second
$3,746/mo
+$1,848/mo- Down payment
- $54,421
- Funds due
- $68,303
- Interest + MI left
- $704,808
- First ends
- Dec 2055
New loan
New conventional
$3,796/mo
+$1,899/mo- Down payment
- $54,421
- Funds due
- $64,715
- Interest + MI left
- $728,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,569 | $222,569 | $480,569 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,421.31 | $1,421.31 | $3,327.36 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $103.06 | $103.06 | $96.11 |
| Taxes, insurance & HOA | $372.83 | $372.83 | $372.83 |
| Total housing payment | $1,897.21 | $3,745.55 | $3,796.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,421
Closing costs & prepaids$13,882
Usable credit−$0
Total buyer cash needed$68,303
Earnest money paid−$0
Remaining funds due$68,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,349.90
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)$366.50
Initial HOA (3 months)$252.00
Prepaid interest, first (2 days)$79.27
Prepaid interest, second (2 days)$109.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$13,337Through Nov 2026
Assumption only · ends Dec 2055$297,404
Assumption + second · ends Dec 2055, second Dec 2056$704,808
New conventional · ends Dec 2056$728,719