Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $300,691
- Funds due
- $313,061
- Interest + MI left
- $92,348
- First ends
- Mar 2045
Assumption
Assumption + second
$3,591/mo
+$1,805/mo- Down payment
- $48,691
- Funds due
- $62,792
- Interest + MI left
- $490,277
- First ends
- Mar 2045
New loan
New conventional
$3,479/mo
+$1,694/mo- Down payment
- $48,691
- Funds due
- $59,366
- Interest + MI left
- $629,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,309 | $178,309 | $430,309 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,135.63 | $1,135.63 | $2,915.06 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $171.38 | $171.38 | $86.06 |
| Taxes, insurance & HOA | $478.25 | $478.25 | $478.25 |
| Total housing payment | $1,785.25 | $3,590.61 | $3,479.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,691
Closing costs & prepaids$14,101
Usable credit−$0
Total buyer cash needed$62,792
Earnest money paid−$0
Remaining funds due$62,792
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$169.71
Prepaid interest, second (9 days)$481.56
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 3.86%
Interest already paid$96,490Through Dec 2026
Assumption only · ends Mar 2045$92,348
Assumption + second · ends Mar 2045, second Jan 2057$490,277
New conventional · ends Jan 2057$629,097