Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,398/mo
Lowest payment- Down payment
- $266,621
- Funds due
- $277,630
- Interest + MI left
- $65,850
- First ends
- Jan 2044
Assumption
Assumption + second
$3,031/mo
+$1,633/mo- Down payment
- $38,621
- Funds due
- $50,929
- Interest + MI left
- $425,881
- First ends
- Jan 2044
New loan
New conventional
$2,924/mo
+$1,526/mo- Down payment
- $38,621
- Funds due
- $47,500
- Interest + MI left
- $525,307
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,379 | $118,379 | $346,379 |
| Second mortgage | — | $228,000 | — |
| First P&I | $825.94 | $825.94 | $2,398.26 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $115.46 | $115.46 | $69.28 |
| Taxes, insurance & HOA | $456.59 | $456.59 | $456.59 |
| Total housing payment | $1,397.99 | $3,031.41 | $2,924.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,621
Closing costs & prepaids$12,308
Usable credit−$0
Total buyer cash needed$50,929
Earnest money paid−$0
Remaining funds due$50,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$909.50
Initial HOA (3 months)$10.26
Prepaid interest, first (1 days)$14.59
Prepaid interest, second (1 days)$48.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 4.500%
Interest already paid$82,565Through Nov 2026
Assumption only · ends Jan 2044$65,850
Assumption + second · ends Jan 2044, second Dec 2056$425,881
New conventional · ends Dec 2056$525,307