Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,275/mo
Lowest payment- Down payment
- $307,301
- Funds due
- $320,379
- Interest + MI left
- $130,190
- First ends
- Jul 2045
Assumption
Assumption + second
$4,066/mo
+$1,791/mo- Down payment
- $57,301
- Funds due
- $71,948
- Interest + MI left
- $524,961
- First ends
- Jul 2045
New loan
New conventional
$3,974/mo
+$1,699/mo- Down payment
- $57,301
- Funds due
- $68,450
- Interest + MI left
- $742,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,699 | $257,699 | $507,699 |
| Second mortgage | — | $250,000 | — |
| First P&I | $1,595.82 | $1,595.82 | $3,439.33 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | $246.49 | $246.49 | $101.54 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $2,274.97 | $4,066.00 | $3,973.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,301
Closing costs & prepaids$14,647
Usable credit−$0
Total buyer cash needed$71,948
Earnest money paid−$0
Remaining funds due$71,948
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$155.47
Prepaid interest, second (6 days)$318.49
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 closing18 yr 7 moOf the original 30-year loan at 3.67%
Interest already paid$128,341Through Dec 2026
Assumption only · ends Jul 2045$130,190
Assumption + second · ends Jul 2045, second Jan 2057$524,961
New conventional · ends Jan 2057$742,340