Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $409,485
- Funds due
- $421,928
- Interest + MI left
- $39,476
- First ends
- Feb 2035
Assumption
Assumption + second
$4,542/mo
+$2,558/mo- Down payment
- $52,485
- Funds due
- $66,633
- Interest + MI left
- $603,209
- First ends
- Feb 2035
New loan
New conventional
$3,647/mo
+$1,663/mo- Down payment
- $52,485
- Funds due
- $63,046
- Interest + MI left
- $683,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,515 | $110,515 | $467,515 |
| Second mortgage | — | $357,000 | — |
| First P&I | $1,429.22 | $1,429.22 | $3,167.11 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | $168.85 | $168.85 | $93.50 |
| Taxes, insurance & HOA | $386.34 | $386.34 | $386.34 |
| Total housing payment | $1,984.41 | $4,542.00 | $3,646.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,485
Closing costs & prepaids$14,148
Usable credit−$0
Total buyer cash needed$66,633
Earnest money paid−$0
Remaining funds due$66,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Initial HOA (3 months)$35.01
Prepaid interest, first (6 days)$109.00
Prepaid interest, second (6 days)$454.81
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 closing8 yr 2 moOf the original 30-year loan at 6%
Interest already paid$246,588Through Dec 2026
Assumption only · ends Feb 2035$39,476
Assumption + second · ends Feb 2035, second Jan 2057$603,209
New conventional · ends Jan 2057$683,584