Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,530/mo
Lowest payment- Down payment
- $227,494
- Funds due
- $241,524
- Interest + MI left
- $611,748
- First ends
- Oct 2055
Assumption
Assumption + second
$4,705/mo
+$1,174/mo- Down payment
- $67,494
- Funds due
- $82,809
- Interest + MI left
- $874,397
- First ends
- Oct 2055
New loan
New conventional
$4,717/mo
+$1,186/mo- Down payment
- $67,494
- Funds due
- $79,090
- Interest + MI left
- $913,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,506 | $442,506 | $602,506 |
| Second mortgage | — | $160,000 | — |
| First P&I | $2,900.80 | $2,900.80 | $4,171.63 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $205.20 | $205.20 | $120.50 |
| Taxes, insurance & HOA | $424.50 | $424.50 | $424.50 |
| Total housing payment | $3,530.49 | $4,704.52 | $4,716.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,494
Closing costs & prepaids$15,315
Usable credit−$0
Total buyer cash needed$82,809
Earnest money paid−$0
Remaining funds due$82,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,700.00
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)$737.50
Initial HOA (3 months)$36.00
Prepaid interest, first (1 days)$81.71
Prepaid interest, second (1 days)$35.07
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 11 moOf the original 30-year loan at 6.740%
Interest already paid$32,517Through Nov 2026
Assumption only · ends Oct 2055$611,748
Assumption + second · ends Oct 2055, second Dec 2056$874,397
New conventional · ends Dec 2056$913,741