Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$911/mo
Lowest payment- Down payment
- $260,421
- Funds due
- $270,581
- Interest + MI left
- $31,400
- First ends
- Feb 2042
Assumption
Assumption + second
$2,537/mo
+$1,626/mo- Down payment
- $33,421
- Funds due
- $45,264
- Interest + MI left
- $389,852
- First ends
- Feb 2042
New loan
New conventional
$2,389/mo
+$1,478/mo- Down payment
- $33,421
- Funds due
- $41,893
- Interest + MI left
- $426,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,569 | $64,569 | $291,569 |
| Second mortgage | — | $227,000 | — |
| First P&I | $486.85 | $486.85 | $1,975.19 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $68.87 | $68.87 | $58.31 |
| Taxes, insurance & HOA | $355.00 | $355.00 | $355.00 |
| Total housing payment | $910.72 | $2,536.97 | $2,388.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,421
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$45,264
Earnest money paid−$0
Remaining funds due$45,264
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.90
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)$390.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$70.05
Prepaid interest, second (9 days)$433.79
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 closing15 yr 2 moOf the original 30-year loan at 4.4%
Interest already paid$54,007Through Dec 2026
Assumption only · ends Feb 2042$31,400
Assumption + second · ends Feb 2042, second Jan 2057$389,852
New conventional · ends Jan 2057$426,264