Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $326,633
- Funds due
- $338,389
- Interest + MI left
- $56,753
- First ends
- Jan 2043
Assumption
Assumption + second
$3,456/mo
+$2,013/mo- Down payment
- $45,633
- Funds due
- $59,176
- Interest + MI left
- $500,476
- First ends
- Jan 2043
New loan
New conventional
$3,275/mo
+$1,833/mo- Down payment
- $45,633
- Funds due
- $55,733
- Interest + MI left
- $591,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,367 | $123,367 | $404,367 |
| Second mortgage | — | $281,000 | — |
| First P&I | $857.78 | $857.78 | $2,739.32 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | $129.76 | $129.76 | $80.87 |
| Taxes, insurance & HOA | $455.00 | $455.00 | $455.00 |
| Total housing payment | $1,442.54 | $3,455.66 | $3,275.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,633
Closing costs & prepaids$13,544
Usable credit−$0
Total buyer cash needed$59,176
Earnest money paid−$0
Remaining funds due$59,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$116.81
Prepaid interest, second (9 days)$536.98
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 closing16 yr 1 moOf the original 30-year loan at 3.84%
Interest already paid$83,423Through Dec 2026
Assumption only · ends Jan 2043$56,753
Assumption + second · ends Jan 2043, second Jan 2057$500,476
New conventional · ends Jan 2057$591,251