Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $295,000
- Funds due
- $305,516
- Interest + MI left
- $0
- First ends
- Oct 2024
Assumption
Assumption + second
$3,452/mo
+$1,898/mo- Down payment
- $30,000
- Funds due
- $42,104
- Interest + MI left
- $418,457
- First ends
- Oct 2024
New loan
New conventional
$2,445/mo
+$892/mo- Down payment
- $30,000
- Funds due
- $38,729
- Interest + MI left
- $387,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $265,000 |
| Second mortgage | — | $265,000 | — |
| First P&I | $876.01 | $876.01 | $1,795.20 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | $80.09 | $80.09 | $53.00 |
| Taxes, insurance & HOA | $597.00 | $597.00 | $597.00 |
| Total housing payment | $1,553.10 | $3,451.59 | $2,445.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,000
Closing costs & prepaids$12,104
Usable credit−$0
Total buyer cash needed$42,104
Earnest money paid−$0
Remaining funds due$42,104
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$987.00
Prepaid interest, first (6 days)$0.00
Prepaid interest, second (6 days)$337.60
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 closing0 moOf the original 15-year loan at 4.69%
Interest already paid$44,610Through Oct 2024
Assumption only · ends Oct 2024$0
Assumption + second · ends Oct 2024, second Jan 2057$418,457
New conventional · ends Jan 2057$387,421