Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,618/mo
Lowest payment- Down payment
- $264,423
- Funds due
- $275,936
- Interest + MI left
- $82,099
- First ends
- Mar 2045
Assumption
Assumption + second
$3,202/mo
+$1,583/mo- Down payment
- $43,423
- Funds due
- $56,609
- Interest + MI left
- $431,077
- First ends
- Mar 2045
New loan
New conventional
$3,107/mo
+$1,489/mo- Down payment
- $43,423
- Funds due
- $53,227
- Interest + MI left
- $557,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,577 | $160,577 | $381,577 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,017.74 | $1,017.74 | $2,584.94 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $154.71 | $154.71 | $76.32 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $1,618.46 | $3,201.73 | $3,107.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,423
Closing costs & prepaids$13,186
Usable credit−$0
Total buyer cash needed$56,609
Earnest money paid−$0
Remaining funds due$56,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$150.46
Prepaid interest, second (9 days)$422.32
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 30-year loan at 3.8%
Interest already paid$85,659Through Dec 2026
Assumption only · ends Mar 2045$82,099
Assumption + second · ends Mar 2045, second Jan 2057$431,077
New conventional · ends Jan 2057$557,852