Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $362,452
- Funds due
- $375,328
- Interest + MI left
- $71,101
- First ends
- Apr 2043
Assumption
Assumption + second
$3,993/mo
+$2,214/mo- Down payment
- $53,452
- Funds due
- $68,168
- Interest + MI left
- $559,038
- First ends
- Apr 2043
New loan
New conventional
$3,810/mo
+$2,030/mo- Down payment
- $53,452
- Funds due
- $64,696
- Interest + MI left
- $696,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,448 | $167,448 | $476,448 |
| Second mortgage | — | $309,000 | — |
| First P&I | $1,114.57 | $1,114.57 | $3,227.62 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $178.02 | $178.02 | $95.29 |
| Taxes, insurance & HOA | $487.00 | $487.00 | $487.00 |
| Total housing payment | $1,779.58 | $3,993.30 | $3,809.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,452
Closing costs & prepaids$14,716
Usable credit−$0
Total buyer cash needed$68,168
Earnest money paid−$0
Remaining funds due$68,168
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$636.00
Initial HOA (3 months)$324.99
Prepaid interest, first (9 days)$140.38
Prepaid interest, second (9 days)$590.49
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 4 moOf the original 30-year loan at 3.4%
Interest already paid$98,915Through Dec 2026
Assumption only · ends Apr 2043$71,101
Assumption + second · ends Apr 2043, second Jan 2057$559,038
New conventional · ends Jan 2057$696,646