Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,333/mo
+$194/mo- Down payment
- $198,086
- Funds due
- $209,312
- Interest + MI left
- $111,338
- First ends
- Jan 2037
Assumption
Assumption + second
$4,463/mo
+$1,324/mo- Down payment
- $44,086
- Funds due
- $56,629
- Interest + MI left
- $364,137
- First ends
- Jan 2037
New loan
New conventional
$3,138/mo
Lowest payment- Down payment
- $44,086
- Funds due
- $53,145
- Interest + MI left
- $598,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,914 | $240,914 | $394,914 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,704.90 | $2,704.90 | $2,734.30 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $302.81 | $302.81 | $78.98 |
| Taxes, insurance & HOA | $324.84 | $324.84 | $324.84 |
| Total housing payment | $3,332.55 | $4,462.55 | $3,138.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,086
Closing costs & prepaids$12,543
Usable credit−$0
Total buyer cash needed$56,629
Earnest money paid−$0
Remaining funds due$56,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$507.50
Initial HOA (3 months)$17.01
Prepaid interest, first (2 days)$85.94
Prepaid interest, second (2 days)$67.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing10 yr 2 moOf the original 30-year loan at 6.510%
Interest already paid$457,180Through Nov 2026
Assumption only · ends Jan 2037$111,338
Assumption + second · ends Jan 2037, second Dec 2056$364,137
New conventional · ends Dec 2056$598,914