Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$599/mo
Lowest payment- Down payment
- $272,557
- Funds due
- $282,755
- Interest + MI left
- $4,341
- First ends
- Mar 2045
Assumption
Assumption + second
$2,347/mo
+$1,748/mo- Down payment
- $28,557
- Funds due
- $40,471
- Interest + MI left
- $389,637
- First ends
- Mar 2045
New loan
New conventional
$2,303/mo
+$1,703/mo- Down payment
- $28,557
- Funds due
- $37,111
- Interest + MI left
- $372,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,443 | $10,443 | $254,443 |
| Second mortgage | — | $244,000 | — |
| First P&I | $62.50 | $62.50 | $1,723.69 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $8.73 | $8.73 | $50.89 |
| Taxes, insurance & HOA | $528.17 | $528.17 | $528.17 |
| Total housing payment | $599.39 | $2,347.44 | $2,302.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,557
Closing costs & prepaids$11,914
Usable credit−$0
Total buyer cash needed$40,471
Earnest money paid−$0
Remaining funds due$40,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$339.50
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$7.98
Prepaid interest, second (9 days)$466.27
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 3 moOf the original 23-year loan at 3.1%
Interest already paid$1,682Through Dec 2026
Assumption only · ends Mar 2045$4,341
Assumption + second · ends Mar 2045, second Jan 2057$389,637
New conventional · ends Jan 2057$372,038