Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $391,125
- Funds due
- $405,271
- Interest + MI left
- $69,163
- First ends
- Feb 2040
Assumption
Assumption + second
$4,748/mo
+$2,414/mo- Down payment
- $54,125
- Funds due
- $69,950
- Interest + MI left
- $601,314
- First ends
- Feb 2040
New loan
New conventional
$4,272/mo
+$1,939/mo- Down payment
- $54,125
- Funds due
- $66,383
- Interest + MI left
- $710,430
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,875 | $148,875 | $485,875 |
| Second mortgage | — | $337,000 | — |
| First P&I | $1,279.00 | $1,279.00 | $3,291.49 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $171.09 | $171.09 | $97.18 |
| Taxes, insurance & HOA | $883.67 | $883.67 | $883.67 |
| Total housing payment | $2,333.76 | $4,748.07 | $4,272.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,125
Closing costs & prepaids$15,825
Usable credit−$0
Total buyer cash needed$69,950
Earnest money paid−$0
Remaining funds due$69,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$648.00
Initial HOA (3 months)$1,503.00
Prepaid interest, first (6 days)$119.43
Prepaid interest, second (6 days)$429.33
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 closing13 yr 2 moOf the original 30-year loan at 4.88%
Interest already paid$165,690Through Dec 2026
Assumption only · ends Feb 2040$69,163
Assumption + second · ends Feb 2040, second Jan 2057$601,314
New conventional · ends Jan 2057$710,430