Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $422,483
- Funds due
- $435,474
- Interest + MI left
- $23,944
- First ends
- Feb 2037
Assumption
Assumption + second
$4,389/mo
+$2,629/mo- Down payment
- $55,483
- Funds due
- $69,880
- Interest + MI left
- $603,467
- First ends
- Feb 2037
New loan
New conventional
$4,004/mo
+$2,244/mo- Down payment
- $55,483
- Funds due
- $66,301
- Interest + MI left
- $742,288
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,517 | $122,517 | $489,517 |
| Second mortgage | — | $367,000 | — |
| First P&I | $1,122.37 | $1,122.37 | $3,389.32 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $120.42 | $120.42 | $97.90 |
| Taxes, insurance & HOA | $516.58 | $516.58 | $516.58 |
| Total housing payment | $1,759.37 | $4,388.61 | $4,003.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,483
Closing costs & prepaids$14,396
Usable credit−$0
Total buyer cash needed$69,880
Earnest money paid−$0
Remaining funds due$69,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$842.75
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$15.84
Prepaid interest, second (2 days)$155.85
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 closing10 yr 3 moOf the original 15-year loan at 2.360%
Interest already paid$16,492Through Nov 2026
Assumption only · ends Feb 2037$23,944
Assumption + second · ends Feb 2037, second Dec 2056$603,467
New conventional · ends Dec 2056$742,288