Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $447,196
- Funds due
- $461,371
- Interest + MI left
- $112,022
- First ends
- Jun 2045
Assumption
Assumption + second
$4,766/mo
+$2,722/mo- Down payment
- $67,196
- Funds due
- $83,105
- Interest + MI left
- $712,074
- First ends
- Jun 2045
New loan
New conventional
$4,641/mo
+$2,597/mo- Down payment
- $67,196
- Funds due
- $79,470
- Interest + MI left
- $874,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,804 | $217,804 | $597,804 |
| Second mortgage | — | $380,000 | — |
| First P&I | $1,364.17 | $1,364.17 | $4,049.73 |
| Second P&I | — | $2,722.37 | — |
| Mortgage insurance | $208.14 | $208.14 | $119.56 |
| Taxes, insurance & HOA | $471.67 | $471.67 | $471.67 |
| Total housing payment | $2,043.97 | $4,766.34 | $4,640.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,196
Closing costs & prepaids$15,909
Usable credit−$0
Total buyer cash needed$83,105
Earnest money paid−$0
Remaining funds due$83,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,650.00
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)$798.00
Initial HOA (3 months)$117.00
Prepaid interest, first (6 days)$134.98
Prepaid interest, second (6 days)$484.11
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 6 moOf the original 30-year loan at 3.77%
Interest already paid$112,217Through Dec 2026
Assumption only · ends Jun 2045$112,022
Assumption + second · ends Jun 2045, second Jan 2057$712,074
New conventional · ends Jan 2057$874,088