Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,978/mo
Lowest payment- Down payment
- $231,014
- Funds due
- $244,560
- Interest + MI left
- $478,393
- First ends
- Sep 2055
Assumption
Assumption + second
$4,204/mo
+$1,225/mo- Down payment
- $64,014
- Funds due
- $78,883
- Interest + MI left
- $752,532
- First ends
- Sep 2055
New loan
New conventional
$4,431/mo
+$1,453/mo- Down payment
- $64,014
- Funds due
- $75,221
- Interest + MI left
- $865,924
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,976 | $403,976 | $570,976 |
| Second mortgage | — | $167,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,953.32 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $185.16 | $185.16 | $114.20 |
| Taxes, insurance & HOA | $363.50 | $363.50 | $363.50 |
| Total housing payment | $2,978.15 | $4,203.54 | $4,431.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,014
Closing costs & prepaids$14,869
Usable credit−$0
Total buyer cash needed$78,883
Earnest money paid−$0
Remaining funds due$78,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,349.90
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)$20.50
Initial HOA (3 months)$570.00
Prepaid interest, first (2 days)$130.40
Prepaid interest, second (2 days)$73.21
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 closing28 yr 10 moOf the original 30-year loan at 5.891%
Interest already paid$27,989Through Nov 2026
Assumption only · ends Sep 2055$478,393
Assumption + second · ends Sep 2055, second Dec 2056$752,532
New conventional · ends Dec 2056$865,924