Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,257/mo
Lowest payment- Down payment
- $222,814
- Funds due
- $233,228
- Interest + MI left
- $68,753
- First ends
- Sep 2045
Assumption
Assumption + second
$2,629/mo
+$1,372/mo- Down payment
- $35,814
- Funds due
- $47,847
- Interest + MI left
- $375,723
- First ends
- Sep 2045
New loan
New conventional
$2,526/mo
+$1,269/mo- Down payment
- $35,814
- Funds due
- $44,500
- Interest + MI left
- $457,867
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,186 | $126,186 | $313,186 |
| Second mortgage | — | $187,000 | — |
| First P&I | $796.76 | $796.76 | $2,121.63 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $118.50 | $118.50 | $62.64 |
| Taxes, insurance & HOA | $341.58 | $341.58 | $341.58 |
| Total housing payment | $1,256.84 | $2,628.98 | $2,525.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,814
Closing costs & prepaids$12,032
Usable credit−$0
Total buyer cash needed$47,847
Earnest money paid−$0
Remaining funds due$47,847
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)$156.00
Prepaid interest, first (9 days)$123.83
Prepaid interest, second (9 days)$368.88
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$66,454Through Dec 2026
Assumption only · ends Sep 2045$68,753
Assumption + second · ends Sep 2045, second Jan 2057$375,723
New conventional · ends Jan 2057$457,867