Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
Lowest payment- Down payment
- $277,594
- Funds due
- $289,738
- Interest + MI left
- $21,922
- First ends
- Mar 2033
Assumption
Assumption + second
$4,360/mo
+$1,712/mo- Down payment
- $38,594
- Funds due
- $52,039
- Interest + MI left
- $399,323
- First ends
- Mar 2033
New loan
New conventional
$3,305/mo
+$657/mo- Down payment
- $38,594
- Funds due
- $48,614
- Interest + MI left
- $525,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,406 | $107,406 | $346,406 |
| Second mortgage | — | $239,000 | — |
| First P&I | $1,544.84 | $1,544.84 | $2,398.45 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $265.63 | $265.63 | $69.28 |
| Taxes, insurance & HOA | $836.83 | $836.83 | $836.83 |
| Total housing payment | $2,647.30 | $4,359.53 | $3,304.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,594
Closing costs & prepaids$13,445
Usable credit−$0
Total buyer cash needed$52,039
Earnest money paid−$0
Remaining funds due$52,039
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$962.50
Initial HOA (3 months)$1,098.00
Prepaid interest, first (1 days)$8.30
Prepaid interest, second (1 days)$50.75
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 closing6 yr 4 moOf the original 30-year loan at 2.820%
Interest already paid$171,141Through Nov 2026
Assumption only · ends Mar 2033$21,922
Assumption + second · ends Mar 2033, second Dec 2056$399,323
New conventional · ends Dec 2056$525,348