Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,117/mo
Lowest payment- Down payment
- $307,323
- Funds due
- $320,471
- Interest + MI left
- $44,646
- First ends
- Jun 2036
Assumption
Assumption + second
$4,923/mo
+$1,805/mo- Down payment
- $55,323
- Funds due
- $70,202
- Interest + MI left
- $442,575
- First ends
- Jun 2036
New loan
New conventional
$3,946/mo
+$829/mo- Down payment
- $55,323
- Funds due
- $66,846
- Interest + MI left
- $717,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,677 | $238,677 | $490,677 |
| Second mortgage | — | $252,000 | — |
| First P&I | $2,342.41 | $2,342.41 | $3,324.02 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $250.78 | $250.78 | $98.14 |
| Taxes, insurance & HOA | $524.08 | $524.08 | $524.08 |
| Total housing payment | $3,117.27 | $4,922.62 | $3,946.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,323
Closing costs & prepaids$14,879
Usable credit−$0
Total buyer cash needed$70,202
Earnest money paid−$0
Remaining funds due$70,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,460.00
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)$655.25
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$140.66
Prepaid interest, second (9 days)$481.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing9 yr 6 moOf the original 15-year loan at 2.39%
Interest already paid$39,237Through Dec 2026
Assumption only · ends Jun 2036$44,646
Assumption + second · ends Jun 2036, second Jan 2057$442,575
New conventional · ends Jan 2057$717,451