Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $340,313
- Funds due
- $352,611
- Interest + MI left
- $83,496
- First ends
- Apr 2044
Assumption
Assumption + second
$3,684/mo
+$2,085/mo- Down payment
- $49,313
- Funds due
- $63,417
- Interest + MI left
- $543,009
- First ends
- Apr 2044
New loan
New conventional
$3,492/mo
+$1,893/mo- Down payment
- $49,313
- Funds due
- $59,933
- Interest + MI left
- $644,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,587 | $149,587 | $440,587 |
| Second mortgage | — | $291,000 | — |
| First P&I | $1,034.67 | $1,034.67 | $2,984.69 |
| Second P&I | — | $2,084.76 | — |
| Mortgage insurance | $145.15 | $145.15 | $88.12 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $1,599.49 | $3,684.25 | $3,492.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,313
Closing costs & prepaids$14,104
Usable credit−$0
Total buyer cash needed$63,417
Earnest money paid−$0
Remaining funds due$63,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
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)$588.00
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$164.87
Prepaid interest, second (9 days)$556.09
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 4 moOf the original 30-year loan at 4.47%
Interest already paid$101,933Through Dec 2026
Assumption only · ends Apr 2044$83,496
Assumption + second · ends Apr 2044, second Jan 2057$543,009
New conventional · ends Jan 2057$644,211