Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,954/mo
Lowest payment- Down payment
- $426,245
- Funds due
- $440,113
- Interest + MI left
- $61,191
- First ends
- Jan 2041
Assumption
Assumption + second
$4,605/mo
+$2,651/mo- Down payment
- $56,245
- Funds due
- $71,835
- Interest + MI left
- $645,452
- First ends
- Jan 2041
New loan
New conventional
$4,253/mo
+$2,299/mo- Down payment
- $56,245
- Funds due
- $68,251
- Interest + MI left
- $739,497
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,755 | $135,755 | $505,755 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,075.72 | $1,075.72 | $3,426.16 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $153.06 | $153.06 | $101.15 |
| Taxes, insurance & HOA | $725.50 | $725.50 | $725.50 |
| Total housing payment | $1,954.29 | $4,605.01 | $4,252.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,245
Closing costs & prepaids$15,590
Usable credit−$0
Total buyer cash needed$71,835
Earnest money paid−$0
Remaining funds due$71,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,620.00
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)$674.50
Initial HOA (3 months)$1,002.00
Prepaid interest, first (6 days)$97.07
Prepaid interest, second (6 days)$471.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing14 yr 1 moOf the original 30-year loan at 4.35%
Interest already paid$125,128Through Dec 2026
Assumption only · ends Jan 2041$61,191
Assumption + second · ends Jan 2041, second Jan 2057$645,452
New conventional · ends Jan 2057$739,497