Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,144/mo
Lowest payment- Down payment
- $267,362
- Funds due
- $281,415
- Interest + MI left
- $516,241
- First ends
- Nov 2055
Assumption
Assumption + second
$4,584/mo
+$1,440/mo- Down payment
- $66,362
- Funds due
- $81,708
- Interest + MI left
- $833,637
- First ends
- Nov 2055
New loan
New conventional
$4,680/mo
+$1,536/mo- Down payment
- $66,362
- Funds due
- $78,002
- Interest + MI left
- $892,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,638 | $387,638 | $588,638 |
| Second mortgage | — | $201,000 | — |
| First P&I | $2,477.83 | $2,477.83 | $4,075.61 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $179.68 | $179.68 | $117.73 |
| Taxes, insurance & HOA | $486.50 | $486.50 | $486.50 |
| Total housing payment | $3,144.01 | $4,584.00 | $4,679.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,362
Closing costs & prepaids$15,346
Usable credit−$0
Total buyer cash needed$81,708
Earnest money paid−$0
Remaining funds due$81,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,550.00
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)$883.00
Initial HOA (3 months)$76.50
Prepaid interest, first (1 days)$69.03
Prepaid interest, second (1 days)$42.68
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$25,352Through Nov 2026
Assumption only · ends Nov 2055$516,241
Assumption + second · ends Nov 2055, second Dec 2056$833,637
New conventional · ends Dec 2056$892,591