Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,541/mo
Lowest payment- Down payment
- $257,032
- Funds due
- $268,178
- Interest + MI left
- $84,858
- First ends
- Jul 2045
Assumption
Assumption + second
$3,074/mo
+$1,533/mo- Down payment
- $43,032
- Funds due
- $55,701
- Interest + MI left
- $422,782
- First ends
- Jul 2045
New loan
New conventional
$3,004/mo
+$1,463/mo- Down payment
- $43,032
- Funds due
- $52,298
- Interest + MI left
- $558,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,968 | $167,968 | $381,968 |
| Second mortgage | — | $214,000 | — |
| First P&I | $1,040.15 | $1,040.15 | $2,587.58 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | $160.66 | $160.66 | $76.39 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $1,540.81 | $3,073.93 | $3,003.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,032
Closing costs & prepaids$12,669
Usable credit−$0
Total buyer cash needed$55,701
Earnest money paid−$0
Remaining funds due$55,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$60.00
Prepaid interest, first (6 days)$101.33
Prepaid interest, second (6 days)$272.63
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 7 moOf the original 30-year loan at 3.67%
Interest already paid$83,653Through Dec 2026
Assumption only · ends Jul 2045$84,858
Assumption + second · ends Jul 2045, second Jan 2057$422,782
New conventional · ends Jan 2057$558,500