Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,222/mo
Lowest payment- Down payment
- $384,051
- Funds due
- $397,114
- Interest + MI left
- $74,819
- First ends
- Jul 2038
Assumption
Assumption + second
$4,586/mo
+$2,364/mo- Down payment
- $54,051
- Funds due
- $68,995
- Interest + MI left
- $595,917
- First ends
- Jul 2038
New loan
New conventional
$3,876/mo
+$1,654/mo- Down payment
- $54,051
- Funds due
- $65,408
- Interest + MI left
- $710,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,849 | $155,849 | $485,849 |
| Second mortgage | — | $330,000 | — |
| First P&I | $1,548.70 | $1,548.70 | $3,291.31 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $185.35 | $185.35 | $97.17 |
| Taxes, insurance & HOA | $487.67 | $487.67 | $487.67 |
| Total housing payment | $2,221.71 | $4,585.87 | $3,876.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,051
Closing costs & prepaids$14,944
Usable credit−$0
Total buyer cash needed$68,995
Earnest money paid−$0
Remaining funds due$68,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$225.96
Prepaid interest, second (9 days)$630.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing11 yr 7 moOf the original 30-year loan at 5.88%
Interest already paid$236,443Through Dec 2026
Assumption only · ends Jul 2038$74,819
Assumption + second · ends Jul 2038, second Jan 2057$595,917
New conventional · ends Jan 2057$710,392