Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,550/mo
Lowest payment- Down payment
- $294,423
- Funds due
- $305,818
- Interest + MI left
- $14,167
- First ends
- Sep 2034
Assumption
Assumption + second
$3,398/mo
+$1,848/mo- Down payment
- $36,423
- Funds due
- $49,451
- Interest + MI left
- $421,570
- First ends
- Sep 2034
New loan
New conventional
$2,912/mo
+$1,362/mo- Down payment
- $36,423
- Funds due
- $46,056
- Interest + MI left
- $471,661
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,577 | $64,577 | $322,577 |
| Second mortgage | — | $258,000 | — |
| First P&I | $789.67 | $789.67 | $2,185.25 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $97.65 | $97.65 | $64.52 |
| Taxes, insurance & HOA | $662.58 | $662.58 | $662.58 |
| Total housing payment | $1,549.90 | $3,398.25 | $2,912.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,423
Closing costs & prepaids$13,028
Usable credit−$0
Total buyer cash needed$49,451
Earnest money paid−$0
Remaining funds due$49,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$430.75
Initial HOA (3 months)$1,107.00
Prepaid interest, first (7 days)$41.61
Prepaid interest, second (7 days)$383.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing7 yr 9 moOf the original 20-year loan at 3.36%
Interest already paid$42,795Through Dec 2026
Assumption only · ends Sep 2034$14,167
Assumption + second · ends Sep 2034, second Jan 2057$421,570
New conventional · ends Jan 2057$471,661