Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,233/mo
Lowest payment- Down payment
- $227,264
- Funds due
- $242,124
- Interest + MI left
- $418,997
- First ends
- Sep 2055
Assumption
Assumption + second
$4,436/mo
+$1,203/mo- Down payment
- $63,264
- Funds due
- $79,517
- Interest + MI left
- $688,212
- First ends
- Sep 2055
New loan
New conventional
$4,710/mo
+$1,477/mo- Down payment
- $63,264
- Funds due
- $75,900
- Interest + MI left
- $818,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,726 | $402,726 | $566,726 |
| Second mortgage | — | $164,000 | — |
| First P&I | $2,264.04 | $2,264.04 | $3,812.40 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $184.58 | $184.58 | $113.35 |
| Taxes, insurance & HOA | $784.17 | $784.17 | $784.17 |
| Total housing payment | $3,232.78 | $4,436.16 | $4,709.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,264
Closing costs & prepaids$16,253
Usable credit−$0
Total buyer cash needed$79,517
Earnest money paid−$0
Remaining funds due$79,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,299.90
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)$1,606.50
Initial HOA (3 months)$246.00
Prepaid interest, first (4 days)$231.71
Prepaid interest, second (4 days)$143.78
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 closing28 yr 9 moOf the original 30-year loan at 5.25%
Interest already paid$26,686Through Dec 2026
Assumption only · ends Sep 2055$418,997
Assumption + second · ends Sep 2055, second Jan 2057$688,212
New conventional · ends Jan 2057$818,887