Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,891/mo
Lowest payment- Down payment
- $301,925
- Funds due
- $314,389
- Interest + MI left
- $100,156
- First ends
- Apr 2045
Assumption
Assumption + second
$3,689/mo
+$1,798/mo- Down payment
- $50,925
- Funds due
- $64,958
- Interest + MI left
- $496,506
- First ends
- Apr 2045
New loan
New conventional
$3,588/mo
+$1,697/mo- Down payment
- $50,925
- Funds due
- $61,488
- Interest + MI left
- $656,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,075 | $198,075 | $449,075 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,244.34 | $1,244.34 | $3,042.19 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $190.79 | $190.79 | $89.82 |
| Taxes, insurance & HOA | $455.67 | $455.67 | $455.67 |
| Total housing payment | $1,890.80 | $3,688.99 | $3,587.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,925
Closing costs & prepaids$14,033
Usable credit−$0
Total buyer cash needed$64,958
Earnest money paid−$0
Remaining funds due$64,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$267.00
Prepaid interest, first (6 days)$121.45
Prepaid interest, second (6 days)$319.77
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 4 moOf the original 30-year loan at 3.73%
Interest already paid$102,934Through Dec 2026
Assumption only · ends Apr 2045$100,156
Assumption + second · ends Apr 2045, second Jan 2057$496,506
New conventional · ends Jan 2057$656,532