Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,046/mo
Lowest payment- Down payment
- $250,102
- Funds due
- $260,389
- Interest + MI left
- $36,294
- First ends
- Dec 2042
Assumption
Assumption + second
$2,593/mo
+$1,547/mo- Down payment
- $34,102
- Funds due
- $46,052
- Interest + MI left
- $377,376
- First ends
- Dec 2042
New loan
New conventional
$2,480/mo
+$1,435/mo- Down payment
- $34,102
- Funds due
- $42,718
- Interest + MI left
- $447,273
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,898 | $89,898 | $305,898 |
| Second mortgage | — | $216,000 | — |
| First P&I | $601.08 | $601.08 | $2,072.26 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $97.83 | $97.83 | $61.18 |
| Taxes, insurance & HOA | $346.67 | $346.67 | $346.67 |
| Total housing payment | $1,045.58 | $2,593.03 | $2,480.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,102
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$46,052
Earnest money paid−$0
Remaining funds due$46,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$72.04
Prepaid interest, second (9 days)$412.77
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 yrOf the original 30-year loan at 3.25%
Interest already paid$52,766Through Dec 2026
Assumption only · ends Dec 2042$36,294
Assumption + second · ends Dec 2042, second Jan 2057$377,376
New conventional · ends Jan 2057$447,273