Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,015/mo
Lowest payment- Down payment
- $281,974
- Funds due
- $292,587
- Interest + MI left
- $48,282
- First ends
- Mar 2045
Assumption
Assumption + second
$2,763/mo
+$1,748/mo- Down payment
- $37,974
- Funds due
- $50,304
- Interest + MI left
- $433,578
- First ends
- Mar 2045
New loan
New conventional
$2,684/mo
+$1,668/mo- Down payment
- $37,974
- Funds due
- $46,915
- Interest + MI left
- $492,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,026 | $93,026 | $337,026 |
| Second mortgage | — | $244,000 | — |
| First P&I | $592.95 | $592.95 | $2,283.13 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $89.37 | $89.37 | $67.41 |
| Taxes, insurance & HOA | $333.00 | $333.00 | $333.00 |
| Total housing payment | $1,015.32 | $2,763.36 | $2,683.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,974
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$50,304
Earnest money paid−$0
Remaining funds due$50,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$88.77
Prepaid interest, second (9 days)$466.27
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 3 moOf the original 30-year loan at 3.87%
Interest already paid$50,459Through Dec 2026
Assumption only · ends Mar 2045$48,282
Assumption + second · ends Mar 2045, second Jan 2057$433,578
New conventional · ends Jan 2057$492,788