Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $300,296
- Funds due
- $312,280
- Interest + MI left
- $105,537
- First ends
- Jan 2055
Assumption
Assumption + second
$3,223/mo
+$1,870/mo- Down payment
- $39,296
- Funds due
- $52,641
- Interest + MI left
- $517,678
- First ends
- Jan 2055
New loan
New conventional
$3,239/mo
+$1,886/mo- Down payment
- $39,296
- Funds due
- $49,198
- Interest + MI left
- $524,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,604 | $84,604 | $345,604 |
| Second mortgage | — | $261,000 | — |
| First P&I | $536.46 | $536.46 | $2,392.89 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $39.64 | $39.64 | $69.12 |
| Taxes, insurance & HOA | $776.83 | $776.83 | $776.83 |
| Total housing payment | $1,352.93 | $3,222.77 | $3,238.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,296
Closing costs & prepaids$13,345
Usable credit−$0
Total buyer cash needed$52,641
Earnest money paid−$0
Remaining funds due$52,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$1,610.50
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$29.30
Prepaid interest, second (2 days)$110.84
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 2 moOf the original 30-year loan at 6.320%
Interest already paid$9,919Through Nov 2026
Assumption only · ends Jan 2055$105,537
Assumption + second · ends Jan 2055, second Dec 2056$517,678
New conventional · ends Dec 2056$524,063