Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,508/mo
Lowest payment- Down payment
- $309,641
- Funds due
- $321,723
- Interest + MI left
- $66,651
- First ends
- Jun 2045
Assumption
Assumption + second
$3,385/mo
+$1,877/mo- Down payment
- $47,641
- Funds due
- $61,474
- Interest + MI left
- $480,371
- First ends
- Jun 2045
New loan
New conventional
$3,371/mo
+$1,863/mo- Down payment
- $47,641
- Funds due
- $58,072
- Interest + MI left
- $616,012
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,359 | $159,359 | $421,359 |
| Second mortgage | — | $262,000 | — |
| First P&I | $940.18 | $940.18 | $2,854.43 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $135.88 | $135.88 | $84.27 |
| Taxes, insurance & HOA | $432.25 | $432.25 | $432.25 |
| Total housing payment | $1,508.32 | $3,385.32 | $3,370.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,641
Closing costs & prepaids$13,832
Usable credit−$0
Total buyer cash needed$61,474
Earnest money paid−$0
Remaining funds due$61,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$119.85
Prepaid interest, second (9 days)$500.67
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 closing18 yr 6 moOf the original 24-year loan at 3.05%
Interest already paid$29,574Through Dec 2026
Assumption only · ends Jun 2045$66,651
Assumption + second · ends Jun 2045, second Jan 2057$480,371
New conventional · ends Jan 2057$616,012