Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,543/mo
Lowest payment- Down payment
- $328,821
- Funds due
- $341,150
- Interest + MI left
- $86,802
- First ends
- Dec 2046
Assumption
Assumption + second
$3,535/mo
+$1,992/mo- Down payment
- $50,821
- Funds due
- $64,931
- Interest + MI left
- $525,788
- First ends
- Dec 2046
New loan
New conventional
$3,533/mo
+$1,990/mo- Down payment
- $50,821
- Funds due
- $61,492
- Interest + MI left
- $655,222
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,179 | $170,179 | $448,179 |
| Second mortgage | — | $278,000 | — |
| First P&I | $979.99 | $979.99 | $3,036.12 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $156.13 | $156.13 | $89.64 |
| Taxes, insurance & HOA | $406.92 | $406.92 | $406.92 |
| Total housing payment | $1,543.04 | $3,534.67 | $3,532.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,821
Closing costs & prepaids$14,111
Usable credit−$0
Total buyer cash needed$64,931
Earnest money paid−$0
Remaining funds due$64,931
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$598.75
Initial HOA (3 months)$122.01
Prepaid interest, first (9 days)$143.51
Prepaid interest, second (9 days)$531.25
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 closing20 yrOf the original 30-year loan at 3.42%
Interest already paid$67,353Through Dec 2026
Assumption only · ends Dec 2046$86,802
Assumption + second · ends Dec 2046, second Jan 2057$525,788
New conventional · ends Jan 2057$655,222