Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $262,992
- Funds due
- $273,973
- Interest + MI left
- $37,908
- First ends
- Jul 2038
Assumption
Assumption + second
$3,080/mo
+$1,641/mo- Down payment
- $33,992
- Funds due
- $46,515
- Interest + MI left
- $399,518
- First ends
- Jul 2038
New loan
New conventional
$2,711/mo
+$1,271/mo- Down payment
- $33,992
- Funds due
- $43,118
- Interest + MI left
- $447,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,908 | $76,908 | $305,908 |
| Second mortgage | — | $229,000 | — |
| First P&I | $771.76 | $771.76 | $2,072.33 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $90.50 | $90.50 | $61.18 |
| Taxes, insurance & HOA | $577.00 | $577.00 | $577.00 |
| Total housing payment | $1,439.26 | $3,079.85 | $2,710.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,992
Closing costs & prepaids$12,523
Usable credit−$0
Total buyer cash needed$46,515
Earnest money paid−$0
Remaining funds due$46,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$873.00
Prepaid interest, first (6 days)$76.74
Prepaid interest, second (6 days)$291.74
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 closing11 yr 7 moOf the original 30-year loan at 6.07%
Interest already paid$119,705Through Dec 2026
Assumption only · ends Jul 2038$37,908
Assumption + second · ends Jul 2038, second Jan 2057$399,518
New conventional · ends Jan 2057$447,288