Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,308/mo
Lowest payment- Down payment
- $149,296
- Funds due
- $160,740
- Interest + MI left
- $113,023
- First ends
- Apr 2045
Assumption
Assumption + second
$3,100/mo
+$792/mo- Down payment
- $41,296
- Funds due
- $54,013
- Interest + MI left
- $290,310
- First ends
- Apr 2045
New loan
New conventional
$3,123/mo
+$815/mo- Down payment
- $41,296
- Funds due
- $50,579
- Interest + MI left
- $551,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,704 | $255,704 | $363,704 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,523.84 | $1,523.84 | $2,518.21 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $251.81 | $251.81 | $72.74 |
| Taxes, insurance & HOA | $532.25 | $532.25 | $532.25 |
| Total housing payment | $2,307.90 | $3,100.37 | $3,123.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,296
Closing costs & prepaids$12,717
Usable credit−$0
Total buyer cash needed$54,013
Earnest money paid−$0
Remaining funds due$54,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$426.75
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$21.93
Prepaid interest, second (1 days)$23.67
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 closing18 yr 5 moOf the original 30-year loan at 3.130%
Interest already paid$112,018Through Nov 2026
Assumption only · ends Apr 2045$113,023
Assumption + second · ends Apr 2045, second Dec 2056$290,310
New conventional · ends Dec 2056$551,509