Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,540/mo
Lowest payment- Down payment
- $242,377
- Funds due
- $252,684
- Interest + MI left
- $55,963
- First ends
- Aug 2038
Assumption
Assumption + second
$3,023/mo
+$1,483/mo- Down payment
- $35,377
- Funds due
- $47,021
- Interest + MI left
- $382,833
- First ends
- Aug 2038
New loan
New conventional
$2,572/mo
+$1,032/mo- Down payment
- $35,377
- Funds due
- $43,620
- Interest + MI left
- $476,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,523 | $107,523 | $314,523 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,085.16 | $1,085.16 | $2,177.69 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $123.27 | $123.27 | $62.90 |
| Taxes, insurance & HOA | $331.75 | $331.75 | $331.75 |
| Total housing payment | $1,540.19 | $3,023.16 | $2,572.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,377
Closing costs & prepaids$11,645
Usable credit−$0
Total buyer cash needed$47,021
Earnest money paid−$0
Remaining funds due$47,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$434.25
Initial HOA (3 months)$111.00
Prepaid interest, first (2 days)$37.53
Prepaid interest, second (2 days)$87.90
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 closing11 yr 9 moOf the original 30-year loan at 6.370%
Interest already paid$171,142Through Nov 2026
Assumption only · ends Aug 2038$55,963
Assumption + second · ends Aug 2038, second Dec 2056$382,833
New conventional · ends Dec 2056$476,932