Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $337,608
- Funds due
- $350,832
- Interest + MI left
- $118,666
- First ends
- Sep 2043
Assumption
Assumption + second
$4,324/mo
+$2,006/mo- Down payment
- $57,608
- Funds due
- $72,438
- Interest + MI left
- $560,810
- First ends
- Sep 2043
New loan
New conventional
$4,055/mo
+$1,738/mo- Down payment
- $57,608
- Funds due
- $68,908
- Interest + MI left
- $756,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,392 | $237,392 | $517,392 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,630.95 | $1,630.95 | $3,504.99 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $239.95 | $239.95 | $103.48 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $2,317.56 | $4,323.52 | $4,055.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,608
Closing costs & prepaids$14,831
Usable credit−$0
Total buyer cash needed$72,438
Earnest money paid−$0
Remaining funds due$72,438
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$158.83
Prepaid interest, second (6 days)$356.71
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 closing16 yr 9 moOf the original 30-year loan at 4.07%
Interest already paid$157,962Through Dec 2026
Assumption only · ends Sep 2043$118,666
Assumption + second · ends Sep 2043, second Jan 2057$560,810
New conventional · ends Jan 2057$756,513