Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $293,978
- Funds due
- $305,779
- Interest + MI left
- $57,778
- First ends
- Nov 2044
Assumption
Assumption + second
$3,320/mo
+$1,784/mo- Down payment
- $44,978
- Funds due
- $58,082
- Interest + MI left
- $450,970
- First ends
- Nov 2044
New loan
New conventional
$3,352/mo
+$1,816/mo- Down payment
- $44,978
- Funds due
- $54,597
- Interest + MI left
- $598,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,022 | $146,022 | $395,022 |
| Second mortgage | — | $249,000 | — |
| First P&I | $870.70 | $870.70 | $2,735.05 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $127.45 | $127.45 | $79.00 |
| Taxes, insurance & HOA | $538.00 | $538.00 | $538.00 |
| Total housing payment | $1,536.15 | $3,320.02 | $3,352.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,978
Closing costs & prepaids$13,104
Usable credit−$0
Total buyer cash needed$58,082
Earnest money paid−$0
Remaining funds due$58,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$825.00
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$11.72
Prepaid interest, second (1 days)$52.87
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 yrOf the original 24-year loan at 2.930%
Interest already paid$28,780Through Nov 2026
Assumption only · ends Nov 2044$57,778
Assumption + second · ends Nov 2044, second Dec 2056$450,970
New conventional · ends Dec 2056$598,998