Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,367/mo
Lowest payment- Down payment
- $216,849
- Funds due
- $228,925
- Interest + MI left
- $358,778
- First ends
- Jan 2054
Assumption
Assumption + second
$3,614/mo
+$1,247/mo- Down payment
- $46,849
- Funds due
- $60,212
- Interest + MI left
- $637,842
- First ends
- Jan 2054
New loan
New conventional
$3,427/mo
+$1,060/mo- Down payment
- $46,849
- Funds due
- $56,689
- Interest + MI left
- $626,489
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,151 | $243,151 | $413,151 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,768.62 | $1,768.62 | $2,860.57 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $114.58 | $114.58 | $82.63 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $2,366.54 | $3,613.94 | $3,426.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,849
Closing costs & prepaids$13,363
Usable credit−$0
Total buyer cash needed$60,212
Earnest money paid−$0
Remaining funds due$60,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$560.00
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$50.76
Prepaid interest, second (1 days)$37.26
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 closing27 yr 2 moOf the original 30-year loan at 7.620%
Interest already paid$53,284Through Nov 2026
Assumption only · ends Jan 2054$358,778
Assumption + second · ends Jan 2054, second Dec 2056$637,842
New conventional · ends Dec 2056$626,489