Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $286,991
- Funds due
- $299,787
- Interest + MI left
- $328,886
- First ends
- Apr 2055
Assumption
Assumption + second
$3,823/mo
+$1,684/mo- Down payment
- $51,991
- Funds due
- $66,337
- Interest + MI left
- $699,971
- First ends
- Apr 2055
New loan
New conventional
$3,711/mo
+$1,572/mo- Down payment
- $51,991
- Funds due
- $62,750
- Interest + MI left
- $682,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,999 | $231,999 | $466,999 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,576.86 | $1,576.86 | $3,163.61 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $108.19 | $108.19 | $93.40 |
| Taxes, insurance & HOA | $454.25 | $454.25 | $454.25 |
| Total housing payment | $2,139.30 | $3,822.87 | $3,711.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,991
Closing costs & prepaids$14,346
Usable credit−$0
Total buyer cash needed$66,337
Earnest money paid−$0
Remaining funds due$66,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,189.90
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)$622.75
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$268.48
Prepaid interest, second (6 days)$299.38
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 closing28 yr 4 moOf the original 30-year loan at 7.04%
Interest already paid$27,476Through Dec 2026
Assumption only · ends Apr 2055$328,886
Assumption + second · ends Apr 2055, second Jan 2057$699,971
New conventional · ends Jan 2057$682,830