Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,472/mo
Lowest payment- Down payment
- $294,414
- Funds due
- $305,822
- Interest + MI left
- $71,610
- First ends
- Apr 2044
Assumption
Assumption + second
$3,270/mo
+$1,798/mo- Down payment
- $43,414
- Funds due
- $56,179
- Interest + MI left
- $467,960
- First ends
- Apr 2044
New loan
New conventional
$3,172/mo
+$1,701/mo- Down payment
- $43,414
- Funds due
- $52,711
- Interest + MI left
- $579,971
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,474 | $131,474 | $382,474 |
| Second mortgage | — | $251,000 | — |
| First P&I | $896.19 | $896.19 | $2,648.17 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $127.97 | $127.97 | $76.49 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,471.66 | $3,269.86 | $3,172.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,414
Closing costs & prepaids$12,764
Usable credit−$0
Total buyer cash needed$56,179
Earnest money paid−$0
Remaining funds due$56,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,258.88
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)$562.50
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$31.12
Prepaid interest, second (2 days)$106.59
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 5 moOf the original 30-year loan at 4.320%
Interest already paid$86,132Through Nov 2026
Assumption only · ends Apr 2044$71,610
Assumption + second · ends Apr 2044, second Dec 2056$467,960
New conventional · ends Dec 2056$579,971