Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $244,818
- Funds due
- $259,703
- Interest + MI left
- $371,685
- First ends
- Oct 2055
Assumption
Assumption + second
$4,421/mo
+$1,335/mo- Down payment
- $62,818
- Funds due
- $79,032
- Interest + MI left
- $670,447
- First ends
- Oct 2055
New loan
New conventional
$4,835/mo
+$1,749/mo- Down payment
- $62,818
- Funds due
- $75,398
- Interest + MI left
- $843,376
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,182 | $374,182 | $556,182 |
| Second mortgage | — | $182,000 | — |
| First P&I | $2,039.12 | $2,039.12 | $3,850.89 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $174.30 | $174.30 | $111.24 |
| Taxes, insurance & HOA | $872.50 | $872.50 | $872.50 |
| Total housing payment | $3,085.92 | $4,421.37 | $4,834.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,818
Closing costs & prepaids$16,215
Usable credit−$0
Total buyer cash needed$79,032
Earnest money paid−$0
Remaining funds due$79,032
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$1,957.50
Initial HOA (3 months)$159.99
Prepaid interest, first (2 days)$102.31
Prepaid interest, second (2 days)$79.78
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 11 moOf the original 30-year loan at 4.990%
Interest already paid$20,407Through Nov 2026
Assumption only · ends Oct 2055$371,685
Assumption + second · ends Oct 2055, second Dec 2056$670,447
New conventional · ends Dec 2056$843,376