Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,331/mo
+$382/mo- Down payment
- $179,484
- Funds due
- $190,804
- Interest + MI left
- $109,861
- First ends
- Jan 2037
Assumption
Assumption + second
$4,336/mo
+$1,387/mo- Down payment
- $42,484
- Funds due
- $55,324
- Interest + MI left
- $334,754
- First ends
- Jan 2037
New loan
New conventional
$2,949/mo
Lowest payment- Down payment
- $42,484
- Funds due
- $51,861
- Interest + MI left
- $550,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,516 | $239,516 | $376,516 |
| Second mortgage | — | $137,000 | — |
| First P&I | $2,704.90 | $2,704.90 | $2,550.65 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $302.81 | $302.81 | $75.30 |
| Taxes, insurance & HOA | $323.25 | $323.25 | $323.25 |
| Total housing payment | $3,330.97 | $4,336.23 | $2,949.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,484
Closing costs & prepaids$12,839
Usable credit−$0
Total buyer cash needed$55,324
Earnest money paid−$0
Remaining funds due$55,324
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$17.01
Prepaid interest, first (9 days)$384.47
Prepaid interest, second (9 days)$270.25
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 closing10 yr 1 moOf the original 30-year loan at 6.51%
Interest already paid$458,487Through Dec 2026
Assumption only · ends Jan 2037$109,861
Assumption + second · ends Jan 2037, second Jan 2057$334,754
New conventional · ends Jan 2057$550,529