Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,273/mo
Lowest payment- Down payment
- $286,434
- Funds due
- $297,555
- Interest + MI left
- $62,161
- First ends
- Apr 2045
Assumption
Assumption + second
$3,029/mo
+$1,755/mo- Down payment
- $41,434
- Funds due
- $54,273
- Interest + MI left
- $449,036
- First ends
- Apr 2045
New loan
New conventional
$2,952/mo
+$1,678/mo- Down payment
- $41,434
- Funds due
- $50,882
- Interest + MI left
- $540,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,566 | $124,566 | $369,566 |
| Second mortgage | — | $245,000 | — |
| First P&I | $778.73 | $778.73 | $2,503.57 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $120.28 | $120.28 | $73.91 |
| Taxes, insurance & HOA | $374.42 | $374.42 | $374.42 |
| Total housing payment | $1,273.43 | $3,028.64 | $2,951.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,434
Closing costs & prepaids$12,839
Usable credit−$0
Total buyer cash needed$54,273
Earnest money paid−$0
Remaining funds due$54,273
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,110.00
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)$493.25
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$112.72
Prepaid interest, second (9 days)$468.18
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 closing18 yr 4 moOf the original 30-year loan at 3.67%
Interest already paid$63,778Through Dec 2026
Assumption only · ends Apr 2045$62,161
Assumption + second · ends Apr 2045, second Jan 2057$449,036
New conventional · ends Jan 2057$540,367