Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,231/mo
Lowest payment- Down payment
- $273,480
- Funds due
- $286,175
- Interest + MI left
- $337,512
- First ends
- Jun 2055
Assumption
Assumption + second
$3,815/mo
+$1,583/mo- Down payment
- $52,480
- Funds due
- $66,472
- Interest + MI left
- $686,490
- First ends
- Jun 2055
New loan
New conventional
$3,837/mo
+$1,605/mo- Down payment
- $52,480
- Funds due
- $62,900
- Interest + MI left
- $714,940
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,420 | $250,420 | $471,420 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,636.37 | $1,636.37 | $3,264.02 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $116.59 | $116.59 | $94.28 |
| Taxes, insurance & HOA | $478.33 | $478.33 | $478.33 |
| Total housing payment | $2,231.29 | $3,814.56 | $3,836.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,480
Closing costs & prepaids$13,992
Usable credit−$0
Total buyer cash needed$66,472
Earnest money paid−$0
Remaining funds due$66,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,239.00
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)$524.00
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$45.76
Prepaid interest, second (1 days)$46.92
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 closing28 yr 7 moOf the original 30-year loan at 6.670%
Interest already paid$23,863Through Nov 2026
Assumption only · ends Jun 2055$337,512
Assumption + second · ends Jun 2055, second Dec 2056$686,490
New conventional · ends Dec 2056$714,940