Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,318/mo
Lowest payment- Down payment
- $259,486
- Funds due
- $270,413
- Interest + MI left
- $50,198
- First ends
- Jul 2043
Assumption
Assumption + second
$2,902/mo
+$1,583/mo- Down payment
- $38,486
- Funds due
- $51,085
- Interest + MI left
- $399,176
- First ends
- Jul 2043
New loan
New conventional
$2,781/mo
+$1,463/mo- Down payment
- $38,486
- Funds due
- $47,726
- Interest + MI left
- $491,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,414 | $115,414 | $336,414 |
| Second mortgage | — | $221,000 | — |
| First P&I | $762.42 | $762.42 | $2,278.99 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $121.02 | $121.02 | $67.28 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $1,318.44 | $2,901.71 | $2,781.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,486
Closing costs & prepaids$12,600
Usable credit−$0
Total buyer cash needed$51,085
Earnest money paid−$0
Remaining funds due$51,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$98.18
Prepaid interest, second (9 days)$422.32
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 7 moOf the original 30-year loan at 3.45%
Interest already paid$67,316Through Dec 2026
Assumption only · ends Jul 2043$50,198
Assumption + second · ends Jul 2043, second Jan 2057$399,176
New conventional · ends Jan 2057$491,826