Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,385/mo
Lowest payment- Down payment
- $345,064
- Funds due
- $357,089
- Interest + MI left
- $68,671
- First ends
- Apr 2044
Assumption
Assumption + second
$3,520/mo
+$2,135/mo- Down payment
- $47,064
- Funds due
- $60,908
- Interest + MI left
- $539,238
- First ends
- Apr 2044
New loan
New conventional
$3,354/mo
+$1,969/mo- Down payment
- $47,064
- Funds due
- $57,431
- Interest + MI left
- $618,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,936 | $124,936 | $422,936 |
| Second mortgage | — | $298,000 | — |
| First P&I | $858.93 | $858.93 | $2,865.12 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $121.64 | $121.64 | $84.59 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,385.24 | $3,520.15 | $3,354.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,064
Closing costs & prepaids$13,844
Usable credit−$0
Total buyer cash needed$60,908
Earnest money paid−$0
Remaining funds due$60,908
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$135.24
Prepaid interest, second (9 days)$569.47
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 4.39%
Interest already paid$83,765Through Dec 2026
Assumption only · ends Apr 2044$68,671
Assumption + second · ends Apr 2044, second Jan 2057$539,238
New conventional · ends Jan 2057$618,402