Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,061/mo
Lowest payment- Down payment
- $255,830
- Funds due
- $266,363
- Interest + MI left
- $50,433
- First ends
- Nov 2045
Assumption
Assumption + second
$2,637/mo
+$1,576/mo- Down payment
- $35,830
- Funds due
- $48,033
- Interest + MI left
- $397,831
- First ends
- Nov 2045
New loan
New conventional
$2,577/mo
+$1,516/mo- Down payment
- $35,830
- Funds due
- $44,669
- Interest + MI left
- $457,844
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,170 | $93,170 | $313,170 |
| Second mortgage | — | $220,000 | — |
| First P&I | $581.41 | $581.41 | $2,121.52 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $87.21 | $87.21 | $62.63 |
| Taxes, insurance & HOA | $392.58 | $392.58 | $392.58 |
| Total housing payment | $1,061.20 | $2,637.31 | $2,576.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,830
Closing costs & prepaids$12,203
Usable credit−$0
Total buyer cash needed$48,033
Earnest money paid−$0
Remaining funds due$48,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$89.83
Prepaid interest, second (9 days)$420.41
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 11 moOf the original 30-year loan at 3.91%
Interest already paid$47,380Through Dec 2026
Assumption only · ends Nov 2045$50,433
Assumption + second · ends Nov 2045, second Jan 2057$397,831
New conventional · ends Jan 2057$457,844