Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,310/mo
Lowest payment- Down payment
- $287,189
- Funds due
- $298,353
- Interest + MI left
- $67,267
- First ends
- Jun 2045
Assumption
Assumption + second
$3,066/mo
+$1,755/mo- Down payment
- $42,189
- Funds due
- $55,071
- Interest + MI left
- $454,142
- First ends
- Jun 2045
New loan
New conventional
$2,991/mo
+$1,681/mo- Down payment
- $42,189
- Funds due
- $51,679
- Interest + MI left
- $552,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,811 | $132,811 | $377,811 |
| Second mortgage | — | $245,000 | — |
| First P&I | $827.06 | $827.06 | $2,559.42 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $127.28 | $127.28 | $75.56 |
| Taxes, insurance & HOA | $356.00 | $356.00 | $356.00 |
| Total housing payment | $1,310.34 | $3,065.55 | $2,990.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,189
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$55,071
Earnest money paid−$0
Remaining funds due$55,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$121.17
Prepaid interest, second (9 days)$468.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.7%
Interest already paid$67,260Through Dec 2026
Assumption only · ends Jun 2045$67,267
Assumption + second · ends Jun 2045, second Jan 2057$454,142
New conventional · ends Jan 2057$552,422