Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,146/mo
Lowest payment- Down payment
- $246,814
- Funds due
- $257,275
- Interest + MI left
- $41,582
- First ends
- Apr 2043
Assumption
Assumption + second
$2,664/mo
+$1,519/mo- Down payment
- $34,814
- Funds due
- $46,930
- Interest + MI left
- $376,348
- First ends
- Apr 2043
New loan
New conventional
$2,553/mo
+$1,408/mo- Down payment
- $34,814
- Funds due
- $43,596
- Interest + MI left
- $455,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,686 | $99,686 | $311,686 |
| Second mortgage | — | $212,000 | — |
| First P&I | $659.59 | $659.59 | $2,111.47 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $106.41 | $106.41 | $62.34 |
| Taxes, insurance & HOA | $379.58 | $379.58 | $379.58 |
| Total housing payment | $1,145.58 | $2,664.38 | $2,553.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,814
Closing costs & prepaids$12,115
Usable credit−$0
Total buyer cash needed$46,930
Earnest money paid−$0
Remaining funds due$46,930
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,465.00
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)$415.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$81.61
Prepaid interest, second (9 days)$405.12
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 4 moOf the original 30-year loan at 3.32%
Interest already paid$57,630Through Dec 2026
Assumption only · ends Apr 2043$41,582
Assumption + second · ends Apr 2043, second Jan 2057$376,348
New conventional · ends Jan 2057$455,736