Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,827/mo
Lowest payment- Down payment
- $385,610
- Funds due
- $398,495
- Interest + MI left
- $72,573
- First ends
- Nov 2041
Assumption
Assumption + second
$4,199/mo
+$2,371/mo- Down payment
- $54,610
- Funds due
- $68,815
- Interest + MI left
- $595,250
- First ends
- Nov 2041
New loan
New conventional
$3,955/mo
+$2,128/mo- Down payment
- $54,610
- Funds due
- $65,229
- Interest + MI left
- $736,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,390 | $154,390 | $485,390 |
| Second mortgage | — | $331,000 | — |
| First P&I | $1,163.00 | $1,163.00 | $3,360.74 |
| Second P&I | — | $2,371.32 | — |
| Mortgage insurance | $167.06 | $167.06 | $97.08 |
| Taxes, insurance & HOA | $497.25 | $497.25 | $497.25 |
| Total housing payment | $1,827.31 | $4,198.64 | $3,955.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,610
Closing costs & prepaids$14,205
Usable credit−$0
Total buyer cash needed$68,815
Earnest money paid−$0
Remaining funds due$68,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$751.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$18.06
Prepaid interest, second (1 days)$70.28
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 closing15 yrOf the original 30-year loan at 4.270%
Interest already paid$127,880Through Nov 2026
Assumption only · ends Nov 2041$72,573
Assumption + second · ends Nov 2041, second Dec 2056$595,250
New conventional · ends Dec 2056$736,030