Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,746/mo
Lowest payment- Down payment
- $379,563
- Funds due
- $394,159
- Interest + MI left
- $155,600
- First ends
- Mar 2045
Assumption
Assumption + second
$4,974/mo
+$2,228/mo- Down payment
- $68,563
- Funds due
- $84,805
- Interest + MI left
- $646,695
- First ends
- Mar 2045
New loan
New conventional
$4,808/mo
+$2,062/mo- Down payment
- $68,563
- Funds due
- $81,205
- Interest + MI left
- $894,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,437 | $300,437 | $611,437 |
| Second mortgage | — | $311,000 | — |
| First P&I | $1,913.45 | $1,913.45 | $4,142.09 |
| Second P&I | — | $2,228.04 | — |
| Mortgage insurance | $288.76 | $288.76 | $122.29 |
| Taxes, insurance & HOA | $543.67 | $543.67 | $543.67 |
| Total housing payment | $2,745.87 | $4,973.91 | $4,808.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,563
Closing costs & prepaids$16,243
Usable credit−$0
Total buyer cash needed$84,805
Earnest money paid−$0
Remaining funds due$84,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
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)$816.00
Initial HOA (3 months)$315.00
Prepaid interest, first (6 days)$190.63
Prepaid interest, second (6 days)$396.21
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 3 moOf the original 30-year loan at 3.86%
Interest already paid$162,579Through Dec 2026
Assumption only · ends Mar 2045$155,600
Assumption + second · ends Mar 2045, second Jan 2057$646,695
New conventional · ends Jan 2057$894,022