Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,077/mo
Lowest payment- Down payment
- $305,459
- Funds due
- $318,361
- Interest + MI left
- $45,262
- First ends
- Jun 2036
Assumption
Assumption + second
$4,868/mo
+$1,791/mo- Down payment
- $55,459
- Funds due
- $69,664
- Interest + MI left
- $440,033
- First ends
- Jun 2036
New loan
New conventional
$3,978/mo
+$901/mo- Down payment
- $55,459
- Funds due
- $66,090
- Interest + MI left
- $743,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,541 | $240,541 | $490,541 |
| Second mortgage | — | $250,000 | — |
| First P&I | $2,342.41 | $2,342.41 | $3,396.41 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | $250.78 | $250.78 | $98.11 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $3,076.85 | $4,867.88 | $3,978.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,459
Closing costs & prepaids$14,205
Usable credit−$0
Total buyer cash needed$69,664
Earnest money paid−$0
Remaining funds due$69,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,460.00
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)$534.00
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$15.75
Prepaid interest, second (1 days)$53.08
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 closing9 yr 7 moOf the original 15-year loan at 2.390%
Interest already paid$38,758Through Nov 2026
Assumption only · ends Jun 2036$45,262
Assumption + second · ends Jun 2036, second Dec 2056$440,033
New conventional · ends Dec 2056$743,840