Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $338,940
- Funds due
- $349,896
- Interest + MI left
- $29,696
- First ends
- Apr 2035
Assumption
Assumption + second
$3,588/mo
+$2,121/mo- Down payment
- $42,940
- Funds due
- $55,209
- Interest + MI left
- $497,104
- First ends
- Apr 2035
New loan
New conventional
$3,009/mo
+$1,541/mo- Down payment
- $42,940
- Funds due
- $51,730
- Interest + MI left
- $571,761
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,060 | $81,060 | $377,060 |
| Second mortgage | — | $296,000 | — |
| First P&I | $1,024.18 | $1,024.18 | $2,610.69 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $121.00 | $121.00 | $75.41 |
| Taxes, insurance & HOA | $322.67 | $322.67 | $322.67 |
| Total housing payment | $1,467.84 | $3,588.42 | $3,008.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,940
Closing costs & prepaids$12,269
Usable credit−$0
Total buyer cash needed$55,209
Earnest money paid−$0
Remaining funds due$55,209
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$329.00
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$13.32
Prepaid interest, second (1 days)$62.85
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 closing8 yr 5 moOf the original 30-year loan at 6.000%
Interest already paid$175,498Through Nov 2026
Assumption only · ends Apr 2035$29,696
Assumption + second · ends Apr 2035, second Dec 2056$497,104
New conventional · ends Dec 2056$571,761