Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $309,944
- Funds due
- $321,606
- Interest + MI left
- $72,558
- First ends
- Jun 2044
Assumption
Assumption + second
$3,368/mo
+$1,898/mo- Down payment
- $44,944
- Funds due
- $58,362
- Interest + MI left
- $491,016
- First ends
- Jun 2044
New loan
New conventional
$3,213/mo
+$1,743/mo- Down payment
- $44,944
- Funds due
- $54,919
- Interest + MI left
- $581,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,616 | $132,616 | $397,616 |
| Second mortgage | — | $265,000 | — |
| First P&I | $901.09 | $901.09 | $2,693.59 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | $128.67 | $128.67 | $79.52 |
| Taxes, insurance & HOA | $440.00 | $440.00 | $440.00 |
| Total housing payment | $1,469.77 | $3,368.26 | $3,213.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,944
Closing costs & prepaids$13,418
Usable credit−$0
Total buyer cash needed$58,362
Earnest money paid−$0
Remaining funds due$58,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,425.60
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)$531.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$141.26
Prepaid interest, second (9 days)$506.40
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 closing17 yr 6 moOf the original 30-year loan at 4.32%
Interest already paid$86,125Through Dec 2026
Assumption only · ends Jun 2044$72,558
Assumption + second · ends Jun 2044, second Jan 2057$491,016
New conventional · ends Jan 2057$581,301