Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,151/mo
Lowest payment- Down payment
- $260,214
- Funds due
- $270,825
- Interest + MI left
- $41,582
- First ends
- Apr 2043
Assumption
Assumption + second
$2,756/mo
+$1,605/mo- Down payment
- $36,214
- Funds due
- $48,503
- Interest + MI left
- $395,297
- First ends
- Apr 2043
New loan
New conventional
$2,642/mo
+$1,492/mo- Down payment
- $36,214
- Funds due
- $45,154
- Interest + MI left
- $473,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,686 | $99,686 | $323,686 |
| Second mortgage | — | $224,000 | — |
| First P&I | $659.59 | $659.59 | $2,192.76 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $106.41 | $106.41 | $64.74 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $1,151.00 | $2,755.76 | $2,642.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,214
Closing costs & prepaids$12,289
Usable credit−$0
Total buyer cash needed$48,503
Earnest money paid−$0
Remaining funds due$48,503
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$81.61
Prepaid interest, second (9 days)$428.05
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 3.32%
Interest already paid$57,630Through Dec 2026
Assumption only · ends Apr 2043$41,582
Assumption + second · ends Apr 2043, second Jan 2057$395,297
New conventional · ends Jan 2057$473,282