Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,758/mo
Lowest payment- Down payment
- $350,028
- Funds due
- $364,957
- Interest + MI left
- $141,814
- First ends
- Jan 2046
Assumption
Assumption + second
$4,821/mo
+$2,063/mo- Down payment
- $62,028
- Funds due
- $78,574
- Interest + MI left
- $596,591
- First ends
- Jan 2046
New loan
New conventional
$4,736/mo
+$1,978/mo- Down payment
- $62,028
- Funds due
- $75,024
- Interest + MI left
- $808,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,972 | $264,972 | $552,972 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,631.39 | $1,631.39 | $3,746.02 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $247.39 | $247.39 | $110.59 |
| Taxes, insurance & HOA | $879.42 | $879.42 | $879.42 |
| Total housing payment | $2,758.20 | $4,821.46 | $4,736.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,028
Closing costs & prepaids$16,547
Usable credit−$0
Total buyer cash needed$78,574
Earnest money paid−$0
Remaining funds due$78,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$1,568.25
Initial HOA (3 months)$570.00
Prepaid interest, first (6 days)$166.39
Prepaid interest, second (6 days)$366.90
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 closing19 yr 1 moOf the original 30-year loan at 3.82%
Interest already paid$129,423Through Dec 2026
Assumption only · ends Jan 2046$141,814
Assumption + second · ends Jan 2046, second Jan 2057$596,591
New conventional · ends Jan 2057$808,537