Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $234,142
- Funds due
- $244,418
- Interest + MI left
- $63,611
- First ends
- Jul 2047
Assumption
Assumption + second
$2,511/mo
+$1,433/mo- Down payment
- $34,142
- Funds due
- $45,711
- Interest + MI left
- $379,428
- First ends
- Jul 2047
New loan
New conventional
$2,523/mo
+$1,444/mo- Down payment
- $34,142
- Funds due
- $42,326
- Interest + MI left
- $456,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,858 | $100,858 | $300,858 |
| Second mortgage | — | $200,000 | — |
| First P&I | $610.69 | $610.69 | $2,083.08 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $88.14 | $88.14 | $60.17 |
| Taxes, insurance & HOA | $379.75 | $379.75 | $379.75 |
| Total housing payment | $1,078.58 | $2,511.41 | $2,523.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,142
Closing costs & prepaids$11,568
Usable credit−$0
Total buyer cash needed$45,711
Earnest money paid−$0
Remaining funds due$45,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$544.25
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$11.69
Prepaid interest, second (1 days)$42.47
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 closing20 yr 8 moOf the original 30-year loan at 4.230%
Interest already paid$44,819Through Nov 2026
Assumption only · ends Jul 2047$63,611
Assumption + second · ends Jul 2047, second Dec 2056$379,428
New conventional · ends Dec 2056$456,211