Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,106/mo
Lowest payment- Down payment
- $216,698
- Funds due
- $228,501
- Interest + MI left
- $79,195
- First ends
- Jul 2042
Assumption
Assumption + second
$3,404/mo
+$1,299/mo- Down payment
- $39,698
- Funds due
- $52,945
- Interest + MI left
- $369,749
- First ends
- Jul 2042
New loan
New conventional
$3,121/mo
+$1,015/mo- Down payment
- $39,698
- Funds due
- $49,555
- Interest + MI left
- $511,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,202 | $173,202 | $350,202 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,241.81 | $1,241.81 | $2,372.39 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $185.36 | $185.36 | $70.04 |
| Taxes, insurance & HOA | $678.42 | $678.42 | $678.42 |
| Total housing payment | $2,105.59 | $3,404.35 | $3,120.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,698
Closing costs & prepaids$13,247
Usable credit−$0
Total buyer cash needed$52,945
Earnest money paid−$0
Remaining funds due$52,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Initial HOA (3 months)$591.00
Prepaid interest, first (5 days)$93.72
Prepaid interest, second (5 days)$193.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing15 yr 7 moOf the original 30-year loan at 3.95%
Interest already paid$126,346Through Dec 2026
Assumption only · ends Jul 2042$79,195
Assumption + second · ends Jul 2042, second Jan 2057$369,749
New conventional · ends Jan 2057$511,983