Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,910/mo
Lowest payment- Down payment
- $214,705
- Funds due
- $227,849
- Interest + MI left
- $455,632
- First ends
- Apr 2055
Assumption
Assumption + second
$4,091/mo
+$1,181/mo- Down payment
- $53,705
- Funds due
- $68,134
- Interest + MI left
- $719,922
- First ends
- Apr 2055
New loan
New conventional
$4,014/mo
+$1,104/mo- Down payment
- $53,705
- Funds due
- $64,548
- Interest + MI left
- $729,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,294 | $320,294 | $481,294 |
| Second mortgage | — | $161,000 | — |
| First P&I | $2,174.98 | $2,174.98 | $3,332.38 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $149.23 | $149.23 | $96.26 |
| Taxes, insurance & HOA | $585.83 | $585.83 | $585.83 |
| Total housing payment | $2,910.05 | $4,091.41 | $4,014.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,705
Closing costs & prepaids$14,430
Usable credit−$0
Total buyer cash needed$68,134
Earnest money paid−$0
Remaining funds due$68,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,349.99
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)$1,071.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$61.78
Prepaid interest, second (1 days)$35.29
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 closing28 yr 5 moOf the original 30-year loan at 7.040%
Interest already paid$36,019Through Nov 2026
Assumption only · ends Apr 2055$455,632
Assumption + second · ends Apr 2055, second Dec 2056$719,922
New conventional · ends Dec 2056$729,915