Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,515/mo
Lowest payment- Down payment
- $327,775
- Funds due
- $339,733
- Interest + MI left
- $80,976
- First ends
- Dec 2044
Assumption
Assumption + second
$3,520/mo
+$2,006/mo- Down payment
- $47,775
- Funds due
- $61,043
- Interest + MI left
- $523,120
- First ends
- Dec 2044
New loan
New conventional
$3,449/mo
+$1,934/mo- Down payment
- $47,775
- Funds due
- $57,525
- Interest + MI left
- $647,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,225 | $147,225 | $427,225 |
| Second mortgage | — | $280,000 | — |
| First P&I | $968.76 | $968.76 | $2,958.02 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $140.49 | $140.49 | $85.45 |
| Taxes, insurance & HOA | $405.25 | $405.25 | $405.25 |
| Total housing payment | $1,514.51 | $3,520.46 | $3,448.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,775
Closing costs & prepaids$13,267
Usable credit−$0
Total buyer cash needed$61,043
Earnest money paid−$0
Remaining funds due$61,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$440.75
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$16.90
Prepaid interest, second (1 days)$59.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 4.190%
Interest already paid$87,417Through Nov 2026
Assumption only · ends Dec 2044$80,976
Assumption + second · ends Dec 2044, second Dec 2056$523,120
New conventional · ends Dec 2056$647,915