Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $262,611
- Funds due
- $273,697
- Interest + MI left
- $38,356
- First ends
- Jul 2038
Assumption
Assumption + second
$3,129/mo
+$1,633/mo- Down payment
- $34,611
- Funds due
- $46,996
- Interest + MI left
- $398,387
- First ends
- Jul 2038
New loan
New conventional
$2,808/mo
+$1,313/mo- Down payment
- $34,611
- Funds due
- $43,601
- Interest + MI left
- $462,930
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,289 | $77,289 | $305,289 |
| Second mortgage | — | $228,000 | — |
| First P&I | $771.76 | $771.76 | $2,113.76 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $90.50 | $90.50 | $61.06 |
| Taxes, insurance & HOA | $633.25 | $633.25 | $633.25 |
| Total housing payment | $1,495.51 | $3,128.93 | $2,808.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,611
Closing costs & prepaids$12,385
Usable credit−$0
Total buyer cash needed$46,996
Earnest money paid−$0
Remaining funds due$46,996
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$576.75
Initial HOA (3 months)$873.00
Prepaid interest, first (1 days)$12.85
Prepaid interest, second (1 days)$48.41
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 closing11 yr 8 moOf the original 30-year loan at 6.070%
Interest already paid$119,314Through Nov 2026
Assumption only · ends Jul 2038$38,356
Assumption + second · ends Jul 2038, second Dec 2056$398,387
New conventional · ends Dec 2056$462,930