Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $303,333
- Funds due
- $315,272
- Interest + MI left
- $84,547
- First ends
- Aug 2045
Assumption
Assumption + second
$3,409/mo
+$1,834/mo- Down payment
- $47,333
- Funds due
- $60,848
- Interest + MI left
- $488,792
- First ends
- Aug 2045
New loan
New conventional
$3,335/mo
+$1,760/mo- Down payment
- $47,333
- Funds due
- $57,397
- Interest + MI left
- $618,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,667 | $166,667 | $422,667 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,028.88 | $1,028.88 | $2,863.29 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $158.92 | $158.92 | $84.53 |
| Taxes, insurance & HOA | $387.67 | $387.67 | $387.67 |
| Total housing payment | $1,575.47 | $3,409.48 | $3,335.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,333
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$60,848
Earnest money paid−$0
Remaining funds due$60,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$100.55
Prepaid interest, second (6 days)$326.14
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 closing18 yr 8 moOf the original 30-year loan at 3.67%
Interest already paid$82,236Through Dec 2026
Assumption only · ends Aug 2045$84,547
Assumption + second · ends Aug 2045, second Jan 2057$488,792
New conventional · ends Jan 2057$618,009