Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,043/mo
Lowest payment- Down payment
- $207,128
- Funds due
- $220,346
- Interest + MI left
- $179,807
- First ends
- Oct 2044
Assumption
Assumption + second
$4,173/mo
+$1,130/mo- Down payment
- $53,128
- Funds due
- $67,799
- Interest + MI left
- $432,606
- First ends
- Oct 2044
New loan
New conventional
$3,890/mo
+$847/mo- Down payment
- $53,128
- Funds due
- $64,346
- Interest + MI left
- $694,341
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,872 | $320,872 | $474,872 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,158.01 | $2,158.01 | $3,216.95 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $307.06 | $307.06 | $94.97 |
| Taxes, insurance & HOA | $577.83 | $577.83 | $577.83 |
| Total housing payment | $3,042.91 | $4,172.91 | $3,889.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,128
Closing costs & prepaids$14,670
Usable credit−$0
Total buyer cash needed$67,799
Earnest money paid−$0
Remaining funds due$67,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,280.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$633.50
Initial HOA (3 months)$600.00
Prepaid interest, first (6 days)$229.45
Prepaid interest, second (6 days)$202.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 4.35%
Interest already paid$202,442Through Dec 2026
Assumption only · ends Oct 2044$179,807
Assumption + second · ends Oct 2044, second Jan 2057$432,606
New conventional · ends Jan 2057$694,341