Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,208/mo
Lowest payment- Down payment
- $293,121
- Funds due
- $304,503
- Interest + MI left
- $32,033
- First ends
- Mar 2043
Assumption
Assumption + second
$3,042/mo
+$1,834/mo- Down payment
- $37,121
- Funds due
- $50,242
- Interest + MI left
- $436,279
- First ends
- Mar 2043
New loan
New conventional
$2,936/mo
+$1,728/mo- Down payment
- $37,121
- Funds due
- $46,858
- Interest + MI left
- $486,578
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,779 | $76,779 | $332,779 |
| Second mortgage | — | $256,000 | — |
| First P&I | $510.75 | $510.75 | $2,254.36 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $82.19 | $82.19 | $66.56 |
| Taxes, insurance & HOA | $615.00 | $615.00 | $615.00 |
| Total housing payment | $1,207.94 | $3,041.95 | $2,935.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,121
Closing costs & prepaids$13,121
Usable credit−$0
Total buyer cash needed$50,242
Earnest money paid−$0
Remaining funds due$50,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Initial HOA (3 months)$951.00
Prepaid interest, first (9 days)$63.23
Prepaid interest, second (9 days)$489.21
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 3 moOf the original 30-year loan at 3.34%
Interest already paid$45,016Through Dec 2026
Assumption only · ends Mar 2043$32,033
Assumption + second · ends Mar 2043, second Jan 2057$436,279
New conventional · ends Jan 2057$486,578