Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,877/mo
Lowest payment- Down payment
- $266,925
- Funds due
- $278,997
- Interest + MI left
- $100,156
- First ends
- Apr 2045
Assumption
Assumption + second
$3,453/mo
+$1,576/mo- Down payment
- $46,925
- Funds due
- $60,527
- Interest + MI left
- $447,554
- First ends
- Apr 2045
New loan
New conventional
$3,357/mo
+$1,481/mo- Down payment
- $46,925
- Funds due
- $57,099
- Interest + MI left
- $611,295
- 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 | $418,075 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,244.34 | $1,244.34 | $2,832.19 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $190.79 | $190.79 | $83.62 |
| Taxes, insurance & HOA | $441.67 | $441.67 | $441.67 |
| Total housing payment | $1,876.80 | $3,452.90 | $3,357.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,925
Closing costs & prepaids$13,602
Usable credit−$0
Total buyer cash needed$60,527
Earnest money paid−$0
Remaining funds due$60,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$267.00
Prepaid interest, first (6 days)$121.45
Prepaid interest, second (6 days)$280.27
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$447,554
New conventional · ends Jan 2057$611,295