Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,039/mo
Lowest payment- Down payment
- $198,128
- Funds due
- $211,246
- Interest + MI left
- $179,807
- First ends
- Oct 2044
Assumption
Assumption + second
$4,111/mo
+$1,071/mo- Down payment
- $52,128
- Funds due
- $66,688
- Interest + MI left
- $419,473
- First ends
- Oct 2044
New loan
New conventional
$3,830/mo
+$791/mo- Down payment
- $52,128
- Funds due
- $63,246
- Interest + MI left
- $682,644
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,872 | $320,872 | $466,872 |
| Second mortgage | — | $146,000 | — |
| First P&I | $2,158.01 | $2,158.01 | $3,162.75 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $307.06 | $307.06 | $93.37 |
| Taxes, insurance & HOA | $574.25 | $574.25 | $574.25 |
| Total housing payment | $3,039.33 | $4,110.62 | $3,830.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,128
Closing costs & prepaids$14,559
Usable credit−$0
Total buyer cash needed$66,688
Earnest money paid−$0
Remaining funds due$66,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,190.00
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)$622.75
Initial HOA (3 months)$600.00
Prepaid interest, first (6 days)$229.45
Prepaid interest, second (6 days)$192.00
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 closing17 yr 10 moOf the original 30-year loan at 4.35%
Interest already paid$202,442Through Dec 2026
Assumption only · ends Oct 2044$179,807
Assumption + second · ends Oct 2044, second Jan 2057$419,473
New conventional · ends Jan 2057$682,644