Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
Lowest payment- Down payment
- $304,024
- Funds due
- $317,273
- Interest + MI left
- $98,971
- First ends
- Sep 2042
Assumption
Assumption + second
$4,234/mo
+$1,798/mo- Down payment
- $53,024
- Funds due
- $67,736
- Interest + MI left
- $495,321
- First ends
- Sep 2042
New loan
New conventional
$3,914/mo
+$1,477/mo- Down payment
- $53,024
- Funds due
- $64,219
- Interest + MI left
- $681,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,976 | $220,976 | $471,976 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,555.56 | $1,555.56 | $3,175.01 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $236.47 | $236.47 | $94.40 |
| Taxes, insurance & HOA | $644.17 | $644.17 | $644.17 |
| Total housing payment | $2,436.19 | $4,234.39 | $3,913.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,024
Closing costs & prepaids$14,713
Usable credit−$0
Total buyer cash needed$67,736
Earnest money paid−$0
Remaining funds due$67,736
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)$1,338.75
Initial HOA (3 months)$93.75
Prepaid interest, first (4 days)$92.02
Prepaid interest, second (4 days)$213.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 3.8%
Interest already paid$153,136Through Dec 2026
Assumption only · ends Sep 2042$98,971
Assumption + second · ends Sep 2042, second Jan 2057$495,321
New conventional · ends Jan 2057$681,978