Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,330/mo
Lowest payment- Down payment
- $208,308
- Funds due
- $221,655
- Interest + MI left
- $120,149
- First ends
- Dec 2041
Assumption
Assumption + second
$4,430/mo
+$1,101/mo- Down payment
- $58,308
- Funds due
- $73,135
- Interest + MI left
- $366,382
- First ends
- Dec 2041
New loan
New conventional
$4,094/mo
+$764/mo- Down payment
- $58,308
- Funds due
- $69,785
- Interest + MI left
- $762,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,692 | $371,692 | $521,692 |
| Second mortgage | — | $150,000 | — |
| First P&I | $2,545.44 | $2,545.44 | $3,534.12 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $328.65 | $328.65 | $104.34 |
| Taxes, insurance & HOA | $455.67 | $455.67 | $455.67 |
| Total housing payment | $3,329.76 | $4,430.41 | $4,094.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,308
Closing costs & prepaids$14,827
Usable credit−$0
Total buyer cash needed$73,135
Earnest money paid−$0
Remaining funds due$73,135
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$696.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$205.30
Prepaid interest, second (7 days)$230.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing15 yrOf the original 20-year loan at 2.88%
Interest already paid$60,438Through Dec 2026
Assumption only · ends Dec 2041$120,149
Assumption + second · ends Dec 2041, second Jan 2057$366,382
New conventional · ends Jan 2057$762,800