Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $345,550
- Funds due
- $358,286
- Interest + MI left
- $98,864
- First ends
- Sep 2045
Assumption
Assumption + second
$3,846/mo
+$2,092/mo- Down payment
- $53,550
- Funds due
- $68,094
- Interest + MI left
- $559,957
- First ends
- Sep 2045
New loan
New conventional
$3,740/mo
+$1,986/mo- Down payment
- $53,550
- Funds due
- $64,610
- Interest + MI left
- $692,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,450 | $181,450 | $473,450 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,145.71 | $1,145.71 | $3,207.32 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $170.40 | $170.40 | $94.69 |
| Taxes, insurance & HOA | $437.50 | $437.50 | $437.50 |
| Total housing payment | $1,753.61 | $3,845.53 | $3,739.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,550
Closing costs & prepaids$14,544
Usable credit−$0
Total buyer cash needed$68,094
Earnest money paid−$0
Remaining funds due$68,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,270.00
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)$632.50
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$178.07
Prepaid interest, second (9 days)$558.00
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 9 moOf the original 30-year loan at 3.98%
Interest already paid$95,559Through Dec 2026
Assumption only · ends Sep 2045$98,864
Assumption + second · ends Sep 2045, second Jan 2057$559,957
New conventional · ends Jan 2057$692,168