Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $275,246
- Funds due
- $286,651
- Interest + MI left
- $86,448
- First ends
- Jul 2044
Assumption
Assumption + second
$3,292/mo
+$1,662/mo- Down payment
- $43,246
- Funds due
- $55,999
- Interest + MI left
- $452,795
- First ends
- Jul 2044
New loan
New conventional
$3,186/mo
+$1,557/mo- Down payment
- $43,246
- Funds due
- $52,538
- Interest + MI left
- $586,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,754 | $154,754 | $386,754 |
| Second mortgage | — | $232,000 | — |
| First P&I | $1,049.73 | $1,049.73 | $2,677.81 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $148.84 | $148.84 | $77.35 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $1,629.57 | $3,291.65 | $3,186.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,246
Closing costs & prepaids$12,754
Usable credit−$0
Total buyer cash needed$55,999
Earnest money paid−$0
Remaining funds due$55,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$633.00
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$37.14
Prepaid interest, second (2 days)$98.52
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 4.380%
Interest already paid$99,992Through Nov 2026
Assumption only · ends Jul 2044$86,448
Assumption + second · ends Jul 2044, second Dec 2056$452,795
New conventional · ends Dec 2056$586,538