Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,185/mo
Lowest payment- Down payment
- $263,795
- Funds due
- $274,724
- Interest + MI left
- $36,302
- First ends
- Jul 2043
Assumption
Assumption + second
$2,819/mo
+$1,633/mo- Down payment
- $35,795
- Funds due
- $48,264
- Interest + MI left
- $396,333
- First ends
- Jul 2043
New loan
New conventional
$2,720/mo
+$1,534/mo- Down payment
- $35,795
- Funds due
- $44,887
- Interest + MI left
- $456,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,205 | $84,205 | $312,205 |
| Second mortgage | — | $228,000 | — |
| First P&I | $554.58 | $554.58 | $2,114.99 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $88.47 | $88.47 | $62.44 |
| Taxes, insurance & HOA | $542.17 | $542.17 | $542.17 |
| Total housing payment | $1,185.22 | $2,818.64 | $2,719.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,795
Closing costs & prepaids$12,469
Usable credit−$0
Total buyer cash needed$48,264
Earnest money paid−$0
Remaining funds due$48,264
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$417.50
Initial HOA (3 months)$759.00
Prepaid interest, first (6 days)$47.20
Prepaid interest, second (6 days)$290.47
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 closing16 yr 7 moOf the original 30-year loan at 3.41%
Interest already paid$48,597Through Dec 2026
Assumption only · ends Jul 2043$36,302
Assumption + second · ends Jul 2043, second Jan 2057$396,333
New conventional · ends Jan 2057$456,433