Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,211/mo
Lowest payment- Down payment
- $383,270
- Funds due
- $396,101
- Interest + MI left
- $75,703
- First ends
- Jul 2038
Assumption
Assumption + second
$4,568/mo
+$2,357/mo- Down payment
- $54,270
- Funds due
- $68,421
- Interest + MI left
- $595,222
- First ends
- Jul 2038
New loan
New conventional
$3,937/mo
+$1,725/mo- Down payment
- $54,270
- Funds due
- $64,832
- Interest + MI left
- $736,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,630 | $156,630 | $485,630 |
| Second mortgage | — | $329,000 | — |
| First P&I | $1,548.70 | $1,548.70 | $3,362.40 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | $185.35 | $185.35 | $97.13 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $2,211.29 | $4,568.29 | $3,936.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,270
Closing costs & prepaids$14,151
Usable credit−$0
Total buyer cash needed$68,421
Earnest money paid−$0
Remaining funds due$68,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$616.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$25.23
Prepaid interest, second (1 days)$69.86
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 closing11 yr 8 moOf the original 30-year loan at 5.880%
Interest already paid$235,676Through Nov 2026
Assumption only · ends Jul 2038$75,703
Assumption + second · ends Jul 2038, second Dec 2056$595,222
New conventional · ends Dec 2056$736,491