Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,816/mo
Lowest payment- Down payment
- $230,407
- Funds due
- $242,136
- Interest + MI left
- $85,935
- First ends
- Jul 2045
Assumption
Assumption + second
$3,211/mo
+$1,394/mo- Down payment
- $40,407
- Funds due
- $53,678
- Interest + MI left
- $397,830
- First ends
- Jul 2045
New loan
New conventional
$3,101/mo
+$1,285/mo- Down payment
- $40,407
- Funds due
- $50,300
- Interest + MI left
- $518,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,593 | $164,593 | $354,593 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,031.93 | $1,031.93 | $2,402.14 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $156.49 | $156.49 | $70.92 |
| Taxes, insurance & HOA | $628.00 | $628.00 | $628.00 |
| Total housing payment | $1,816.42 | $3,210.57 | $3,101.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,407
Closing costs & prepaids$13,271
Usable credit−$0
Total buyer cash needed$53,678
Earnest money paid−$0
Remaining funds due$53,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$960.00
Prepaid interest, first (7 days)$120.58
Prepaid interest, second (7 days)$291.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.82%
Interest already paid$85,043Through Dec 2026
Assumption only · ends Jul 2045$85,935
Assumption + second · ends Jul 2045, second Jan 2057$397,830
New conventional · ends Jan 2057$518,403