Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,266/mo
Lowest payment- Down payment
- $230,288
- Funds due
- $240,816
- Interest + MI left
- $55,265
- First ends
- Jul 2044
Assumption
Assumption + second
$2,705/mo
+$1,438/mo- Down payment
- $34,288
- Funds due
- $46,152
- Interest + MI left
- $377,009
- First ends
- Jul 2044
New loan
New conventional
$2,621/mo
+$1,355/mo- Down payment
- $34,288
- Funds due
- $42,774
- Interest + MI left
- $463,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,712 | $109,712 | $305,712 |
| Second mortgage | — | $196,000 | — |
| First P&I | $715.23 | $715.23 | $2,116.69 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $107.80 | $107.80 | $61.14 |
| Taxes, insurance & HOA | $443.33 | $443.33 | $443.33 |
| Total housing payment | $1,266.36 | $2,704.54 | $2,621.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,288
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$46,152
Earnest money paid−$0
Remaining funds due$46,152
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)$762.00
Initial HOA (3 months)$117.99
Prepaid interest, first (2 days)$23.27
Prepaid interest, second (2 days)$85.92
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 closing17 yr 8 moOf the original 30-year loan at 3.870%
Interest already paid$63,374Through Nov 2026
Assumption only · ends Jul 2044$55,265
Assumption + second · ends Jul 2044, second Dec 2056$377,009
New conventional · ends Dec 2056$463,633