Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,342/mo
Lowest payment- Down payment
- $291,118
- Funds due
- $302,242
- Interest + MI left
- $70,457
- First ends
- Dec 2044
Assumption
Assumption + second
$3,126/mo
+$1,784/mo- Down payment
- $42,118
- Funds due
- $54,598
- Interest + MI left
- $463,649
- First ends
- Dec 2044
New loan
New conventional
$3,065/mo
+$1,723/mo- Down payment
- $42,118
- Funds due
- $51,144
- Interest + MI left
- $573,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,882 | $128,882 | $377,882 |
| Second mortgage | — | $249,000 | — |
| First P&I | $846.05 | $846.05 | $2,616.38 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $123.14 | $123.14 | $75.58 |
| Taxes, insurance & HOA | $373.08 | $373.08 | $373.08 |
| Total housing payment | $1,342.27 | $3,126.13 | $3,065.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,118
Closing costs & prepaids$12,479
Usable credit−$0
Total buyer cash needed$54,598
Earnest money paid−$0
Remaining funds due$54,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$477.25
Initial HOA (3 months)$192.00
Prepaid interest, first (2 days)$29.38
Prepaid interest, second (2 days)$105.74
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 1 moOf the original 30-year loan at 4.160%
Interest already paid$76,028Through Nov 2026
Assumption only · ends Dec 2044$70,457
Assumption + second · ends Dec 2044, second Dec 2056$463,649
New conventional · ends Dec 2056$573,083