Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $329,159
- Funds due
- $340,066
- Interest + MI left
- $24,685
- First ends
- Apr 2034
Assumption
Assumption + second
$3,562/mo
+$2,070/mo- Down payment
- $40,159
- Funds due
- $52,377
- Interest + MI left
- $481,040
- First ends
- Apr 2034
New loan
New conventional
$2,937/mo
+$1,445/mo- Down payment
- $40,159
- Funds due
- $48,925
- Interest + MI left
- $545,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,840 | $70,840 | $359,840 |
| Second mortgage | — | $289,000 | — |
| First P&I | $1,005.29 | $1,005.29 | $2,491.46 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $112.66 | $112.66 | $71.97 |
| Taxes, insurance & HOA | $373.17 | $373.17 | $373.17 |
| Total housing payment | $1,491.11 | $3,561.54 | $2,936.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,159
Closing costs & prepaids$12,218
Usable credit−$0
Total buyer cash needed$52,377
Earnest money paid−$0
Remaining funds due$52,377
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$459.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$12.62
Prepaid interest, second (1 days)$61.36
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 closing7 yr 5 moOf the original 30-year loan at 6.500%
Interest already paid$184,226Through Nov 2026
Assumption only · ends Apr 2034$24,685
Assumption + second · ends Apr 2034, second Dec 2056$481,040
New conventional · ends Dec 2056$545,722