Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $356,171
- Funds due
- $368,389
- Interest + MI left
- $57,224
- First ends
- Jan 2043
Assumption
Assumption + second
$3,671/mo
+$2,207/mo- Down payment
- $48,171
- Funds due
- $61,704
- Interest + MI left
- $543,581
- First ends
- Jan 2043
New loan
New conventional
$3,553/mo
+$2,089/mo- Down payment
- $48,171
- Funds due
- $58,182
- Interest + MI left
- $654,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,829 | $123,829 | $431,829 |
| Second mortgage | — | $308,000 | — |
| First P&I | $857.78 | $857.78 | $2,989.90 |
| Second P&I | — | $2,206.55 | — |
| Mortgage insurance | $129.76 | $129.76 | $86.37 |
| Taxes, insurance & HOA | $476.58 | $476.58 | $476.58 |
| Total housing payment | $1,464.12 | $3,670.67 | $3,552.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,171
Closing costs & prepaids$13,533
Usable credit−$0
Total buyer cash needed$61,704
Earnest money paid−$0
Remaining funds due$61,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$554.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$13.03
Prepaid interest, second (1 days)$65.40
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 closing16 yr 2 moOf the original 30-year loan at 3.840%
Interest already paid$83,027Through Nov 2026
Assumption only · ends Jan 2043$57,224
Assumption + second · ends Jan 2043, second Dec 2056$543,581
New conventional · ends Dec 2056$654,898