Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $244,810
- Funds due
- $255,793
- Interest + MI left
- $99,213
- First ends
- Apr 2048
Assumption
Assumption + second
$2,859/mo
+$1,461/mo- Down payment
- $40,810
- Funds due
- $53,433
- Interest + MI left
- $421,346
- First ends
- Apr 2048
New loan
New conventional
$2,854/mo
+$1,457/mo- Down payment
- $40,810
- Funds due
- $50,062
- Interest + MI left
- $524,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,090 | $155,090 | $359,090 |
| Second mortgage | — | $204,000 | — |
| First P&I | $914.04 | $914.04 | $2,432.60 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $133.19 | $133.19 | $71.82 |
| Taxes, insurance & HOA | $350.00 | $350.00 | $350.00 |
| Total housing payment | $1,397.23 | $2,858.71 | $2,854.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,810
Closing costs & prepaids$12,623
Usable credit−$0
Total buyer cash needed$53,433
Earnest money paid−$0
Remaining funds due$53,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$158.70
Prepaid interest, second (9 days)$389.84
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 closing21 yr 4 moOf the original 30-year loan at 4.15%
Interest already paid$62,116Through Dec 2026
Assumption only · ends Apr 2048$99,213
Assumption + second · ends Apr 2048, second Jan 2057$421,346
New conventional · ends Jan 2057$524,977