Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $260,657
- Funds due
- $271,892
- Interest + MI left
- $90,672
- First ends
- Mar 2045
Assumption
Assumption + second
$3,186/mo
+$1,555/mo- Down payment
- $43,657
- Funds due
- $56,234
- Interest + MI left
- $433,334
- First ends
- Mar 2045
New loan
New conventional
$3,145/mo
+$1,514/mo- Down payment
- $43,657
- Funds due
- $52,777
- Interest + MI left
- $593,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,343 | $174,343 | $391,343 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,106.89 | $1,106.89 | $2,709.58 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $167.04 | $167.04 | $78.27 |
| Taxes, insurance & HOA | $357.58 | $357.58 | $357.58 |
| Total housing payment | $1,631.51 | $3,186.13 | $3,145.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,657
Closing costs & prepaids$12,577
Usable credit−$0
Total buyer cash needed$56,234
Earnest money paid−$0
Remaining funds due$56,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$406.75
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$36.87
Prepaid interest, second (2 days)$92.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.860%
Interest already paid$93,488Through Nov 2026
Assumption only · ends Mar 2045$90,672
Assumption + second · ends Mar 2045, second Dec 2056$433,334
New conventional · ends Dec 2056$593,498