Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,015/mo
Lowest payment- Down payment
- $430,241
- Funds due
- $446,004
- Interest + MI left
- $87,666
- First ends
- Jan 2040
Assumption
Assumption + second
$5,651/mo
+$2,636/mo- Down payment
- $62,241
- Funds due
- $79,332
- Interest + MI left
- $668,769
- First ends
- Jan 2040
New loan
New conventional
$5,142/mo
+$2,127/mo- Down payment
- $62,241
- Funds due
- $75,668
- Interest + MI left
- $838,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,759 | $184,759 | $552,759 |
| Second mortgage | — | $368,000 | — |
| First P&I | $1,599.50 | $1,599.50 | $3,827.19 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | $210.81 | $210.81 | $110.55 |
| Taxes, insurance & HOA | $1,204.25 | $1,204.25 | $1,204.25 |
| Total housing payment | $3,014.56 | $5,650.95 | $5,141.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,241
Closing costs & prepaids$17,091
Usable credit−$0
Total buyer cash needed$79,332
Earnest money paid−$0
Remaining funds due$79,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$2,484.75
Initial HOA (3 months)$627.99
Prepaid interest, first (1 days)$25.36
Prepaid interest, second (1 days)$78.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing13 yr 2 moOf the original 30-year loan at 5.010%
Interest already paid$210,240Through Nov 2026
Assumption only · ends Jan 2040$87,666
Assumption + second · ends Jan 2040, second Dec 2056$668,769
New conventional · ends Dec 2056$838,186