Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,056/mo
+$97/mo- Down payment
- $195,012
- Funds due
- $205,837
- Interest + MI left
- $104,560
- First ends
- Feb 2037
Assumption
Assumption + second
$4,178/mo
+$1,219/mo- Down payment
- $42,012
- Funds due
- $54,121
- Interest + MI left
- $355,717
- First ends
- Feb 2037
New loan
New conventional
$2,959/mo
Lowest payment- Down payment
- $42,012
- Funds due
- $50,653
- Interest + MI left
- $571,728
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,988 | $223,988 | $376,988 |
| Second mortgage | — | $153,000 | — |
| First P&I | $2,502.72 | $2,502.72 | $2,610.19 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $279.60 | $279.60 | $75.40 |
| Taxes, insurance & HOA | $273.34 | $273.34 | $273.34 |
| Total housing payment | $3,055.66 | $4,178.32 | $2,958.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,012
Closing costs & prepaids$12,109
Usable credit−$0
Total buyer cash needed$54,121
Earnest money paid−$0
Remaining funds due$54,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$176.00
Initial HOA (3 months)$194.01
Prepaid interest, first (1 days)$40.07
Prepaid interest, second (1 days)$33.53
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 closing10 yr 3 moOf the original 30-year loan at 6.530%
Interest already paid$422,408Through Nov 2026
Assumption only · ends Feb 2037$104,560
Assumption + second · ends Feb 2037, second Dec 2056$355,717
New conventional · ends Dec 2056$571,728