Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $299,565
- Funds due
- $310,403
- Interest + MI left
- $42,843
- First ends
- Oct 2043
Assumption
Assumption + second
$2,905/mo
+$1,870/mo- Down payment
- $38,565
- Funds due
- $51,151
- Interest + MI left
- $454,984
- First ends
- Oct 2043
New loan
New conventional
$2,773/mo
+$1,738/mo- Down payment
- $38,565
- Funds due
- $47,735
- Interest + MI left
- $499,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,435 | $80,435 | $341,435 |
| Second mortgage | — | $261,000 | — |
| First P&I | $563.14 | $563.14 | $2,313.00 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $79.94 | $79.94 | $68.29 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $1,035.08 | $2,904.92 | $2,773.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,565
Closing costs & prepaids$12,586
Usable credit−$0
Total buyer cash needed$51,151
Earnest money paid−$0
Remaining funds due$51,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$86.67
Prepaid interest, second (9 days)$498.76
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 10 moOf the original 30-year loan at 4.37%
Interest already paid$56,555Through Dec 2026
Assumption only · ends Oct 2043$42,843
Assumption + second · ends Oct 2043, second Jan 2057$454,984
New conventional · ends Jan 2057$499,166