Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $263,591
- Funds due
- $274,654
- Interest + MI left
- $74,059
- First ends
- Apr 2045
Assumption
Assumption + second
$3,006/mo
+$1,590/mo- Down payment
- $41,591
- Funds due
- $54,329
- Interest + MI left
- $424,615
- First ends
- Apr 2045
New loan
New conventional
$2,928/mo
+$1,512/mo- Down payment
- $41,591
- Funds due
- $50,960
- Interest + MI left
- $541,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,409 | $148,409 | $370,409 |
| Second mortgage | — | $222,000 | — |
| First P&I | $927.78 | $927.78 | $2,509.28 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $143.31 | $143.31 | $74.08 |
| Taxes, insurance & HOA | $344.83 | $344.83 | $344.83 |
| Total housing payment | $1,415.92 | $3,006.36 | $2,928.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,591
Closing costs & prepaids$12,738
Usable credit−$0
Total buyer cash needed$54,329
Earnest money paid−$0
Remaining funds due$54,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,120.00
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)$494.50
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$134.30
Prepaid interest, second (9 days)$424.23
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$75,986Through Dec 2026
Assumption only · ends Apr 2045$74,059
Assumption + second · ends Apr 2045, second Jan 2057$424,615
New conventional · ends Jan 2057$541,599