Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$871/mo
Lowest payment- Down payment
- $289,647
- Funds due
- $300,139
- Interest + MI left
- $32,857
- First ends
- Sep 2043
Assumption
Assumption + second
$2,691/mo
+$1,820/mo- Down payment
- $35,647
- Funds due
- $47,874
- Interest + MI left
- $433,945
- First ends
- Sep 2043
New loan
New conventional
$2,575/mo
+$1,704/mo- Down payment
- $35,647
- Funds due
- $44,471
- Interest + MI left
- $459,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $60,353 | $60,353 | $314,353 |
| Second mortgage | — | $254,000 | — |
| First P&I | $428.36 | $428.36 | $2,129.54 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $59.81 | $59.81 | $62.87 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $871.17 | $2,690.86 | $2,575.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,647
Closing costs & prepaids$12,226
Usable credit−$0
Total buyer cash needed$47,874
Earnest money paid−$0
Remaining funds due$47,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$279.00
Prepaid interest, first (9 days)$67.12
Prepaid interest, second (9 days)$485.38
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 9 moOf the original 30-year loan at 4.51%
Interest already paid$44,019Through Dec 2026
Assumption only · ends Sep 2043$32,857
Assumption + second · ends Sep 2043, second Jan 2057$433,945
New conventional · ends Jan 2057$459,573