Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $423,010
- Funds due
- $436,035
- Interest + MI left
- $66,569
- First ends
- Jan 2039
Assumption
Assumption + second
$4,512/mo
+$2,629/mo- Down payment
- $56,010
- Funds due
- $70,753
- Interest + MI left
- $646,093
- First ends
- Jan 2039
New loan
New conventional
$3,933/mo
+$2,051/mo- Down payment
- $56,010
- Funds due
- $67,133
- Interest + MI left
- $728,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,990 | $130,990 | $497,990 |
| Second mortgage | — | $367,000 | — |
| First P&I | $1,272.24 | $1,272.24 | $3,373.56 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $150.31 | $150.31 | $99.60 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $1,882.80 | $4,512.03 | $3,933.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,010
Closing costs & prepaids$14,742
Usable credit−$0
Total buyer cash needed$70,753
Earnest money paid−$0
Remaining funds due$70,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,540.00
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)$664.75
Initial HOA (3 months)$216.00
Prepaid interest, first (6 days)$129.20
Prepaid interest, second (6 days)$467.55
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 closing12 yr 1 moOf the original 30-year loan at 6%
Interest already paid$192,322Through Dec 2026
Assumption only · ends Jan 2039$66,569
Assumption + second · ends Jan 2039, second Jan 2057$646,093
New conventional · ends Jan 2057$728,144