Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,268/mo
Lowest payment- Down payment
- $267,232
- Funds due
- $279,004
- Interest + MI left
- $71,997
- First ends
- Feb 2038
Assumption
Assumption + second
$3,887/mo
+$1,619/mo- Down payment
- $41,232
- Funds due
- $54,446
- Interest + MI left
- $428,870
- First ends
- Feb 2038
New loan
New conventional
$3,153/mo
+$885/mo- Down payment
- $41,232
- Funds due
- $50,978
- Interest + MI left
- $532,849
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,768 | $142,768 | $368,768 |
| Second mortgage | — | $226,000 | — |
| First P&I | $1,501.22 | $1,501.22 | $2,480.73 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $168.24 | $168.24 | $73.75 |
| Taxes, insurance & HOA | $598.50 | $598.50 | $598.50 |
| Total housing payment | $2,267.96 | $3,887.05 | $3,152.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,232
Closing costs & prepaids$13,214
Usable credit−$0
Total buyer cash needed$54,446
Earnest money paid−$0
Remaining funds due$54,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,045.50
Initial HOA (3 months)$300.00
Prepaid interest, first (4 days)$101.70
Prepaid interest, second (4 days)$191.95
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 closing11 yr 2 moOf the original 30-year loan at 6.5%
Interest already paid$244,535Through Dec 2026
Assumption only · ends Feb 2038$71,997
Assumption + second · ends Feb 2038, second Jan 2057$428,870
New conventional · ends Jan 2057$532,849