Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $356,331
- Funds due
- $368,187
- Interest + MI left
- $35,420
- First ends
- Sep 2035
Assumption
Assumption + second
$3,971/mo
+$2,221/mo- Down payment
- $46,331
- Funds due
- $59,832
- Interest + MI left
- $524,936
- First ends
- Sep 2035
New loan
New conventional
$3,264/mo
+$1,514/mo- Down payment
- $46,331
- Funds due
- $56,316
- Interest + MI left
- $597,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,669 | $98,669 | $408,669 |
| Second mortgage | — | $310,000 | — |
| First P&I | $1,189.36 | $1,189.36 | $2,768.47 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $147.24 | $147.24 | $81.73 |
| Taxes, insurance & HOA | $413.67 | $413.67 | $413.67 |
| Total housing payment | $1,750.27 | $3,971.14 | $3,263.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,331
Closing costs & prepaids$13,501
Usable credit−$0
Total buyer cash needed$59,832
Earnest money paid−$0
Remaining funds due$59,832
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$90.34
Prepaid interest, second (6 days)$394.93
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 closing8 yr 9 moOf the original 30-year loan at 5.57%
Interest already paid$194,094Through Dec 2026
Assumption only · ends Sep 2035$35,420
Assumption + second · ends Sep 2035, second Jan 2057$524,936
New conventional · ends Jan 2057$597,460