Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,248/mo
Lowest payment- Down payment
- $231,314
- Funds due
- $241,800
- Interest + MI left
- $62,860
- First ends
- Jan 2045
Assumption
Assumption + second
$2,686/mo
+$1,438/mo- Down payment
- $35,314
- Funds due
- $47,436
- Interest + MI left
- $384,604
- First ends
- Jan 2045
New loan
New conventional
$2,559/mo
+$1,311/mo- Down payment
- $35,314
- Funds due
- $44,087
- Interest + MI left
- $459,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,586 | $118,586 | $314,586 |
| Second mortgage | — | $196,000 | — |
| First P&I | $769.23 | $769.23 | $2,131.12 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $113.99 | $113.99 | $62.92 |
| Taxes, insurance & HOA | $365.00 | $365.00 | $365.00 |
| Total housing payment | $1,248.22 | $2,686.40 | $2,559.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,314
Closing costs & prepaids$12,123
Usable credit−$0
Total buyer cash needed$47,436
Earnest money paid−$0
Remaining funds due$47,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$117.25
Prepaid interest, second (9 days)$386.63
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 1 moOf the original 30-year loan at 4.01%
Interest already paid$67,657Through Dec 2026
Assumption only · ends Jan 2045$62,860
Assumption + second · ends Jan 2045, second Jan 2057$384,604
New conventional · ends Jan 2057$459,977