Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $309,046
- Funds due
- $321,116
- Interest + MI left
- $185,190
- First ends
- Dec 2064
Assumption
Assumption + second
$3,281/mo
+$1,920/mo- Down payment
- $41,046
- Funds due
- $54,480
- Interest + MI left
- $608,385
- First ends
- Dec 2064
New loan
New conventional
$3,344/mo
+$1,983/mo- Down payment
- $41,046
- Funds due
- $51,019
- Interest + MI left
- $558,027
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,954 | $99,954 | $367,954 |
| Second mortgage | — | $268,000 | — |
| First P&I | $591.52 | $591.52 | $2,547.64 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $46.31 | $46.31 | $73.59 |
| Taxes, insurance & HOA | $723.25 | $723.25 | $723.25 |
| Total housing payment | $1,361.07 | $3,281.06 | $3,344.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,046
Closing costs & prepaids$13,434
Usable credit−$0
Total buyer cash needed$54,480
Earnest money paid−$0
Remaining funds due$54,480
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$894.75
Initial HOA (3 months)$825.00
Prepaid interest, first (2 days)$35.60
Prepaid interest, second (2 days)$113.81
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 closing38 yr 1 moOf the original 40-year loan at 6.500%
Interest already paid$12,524Through Nov 2026
Assumption only · ends Dec 2064$185,190
Assumption + second · ends Dec 2064, second Dec 2056$608,385
New conventional · ends Dec 2056$558,027