Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,583/mo
Lowest payment- Down payment
- $399,461
- Funds due
- $412,126
- Interest + MI left
- $31,926
- First ends
- Mar 2039
Assumption
Assumption + second
$4,061/mo
+$2,479/mo- Down payment
- $53,461
- Funds due
- $67,890
- Interest + MI left
- $578,289
- First ends
- Mar 2039
New loan
New conventional
$3,747/mo
+$2,165/mo- Down payment
- $53,461
- Funds due
- $64,377
- Interest + MI left
- $689,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,539 | $125,539 | $471,539 |
| Second mortgage | — | $346,000 | — |
| First P&I | $1,002.21 | $1,002.21 | $3,194.37 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | $121.64 | $121.64 | $94.31 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $1,582.52 | $4,061.31 | $3,747.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,461
Closing costs & prepaids$14,430
Usable credit−$0
Total buyer cash needed$67,890
Earnest money paid−$0
Remaining funds due$67,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$246.00
Prepaid interest, first (7 days)$64.28
Prepaid interest, second (7 days)$514.26
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 closing12 yr 3 moOf the original 18-year loan at 2.67%
Interest already paid$22,961Through Dec 2026
Assumption only · ends Mar 2039$31,926
Assumption + second · ends Mar 2039, second Jan 2057$578,289
New conventional · ends Jan 2057$689,374