Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$967/mo
Lowest payment- Down payment
- $272,235
- Funds due
- $282,624
- Interest + MI left
- $45,667
- First ends
- Jul 2044
Assumption
Assumption + second
$2,657/mo
+$1,691/mo- Down payment
- $36,235
- Funds due
- $48,325
- Interest + MI left
- $418,331
- First ends
- Jul 2044
New loan
New conventional
$2,549/mo
+$1,582/mo- Down payment
- $36,235
- Funds due
- $44,938
- Interest + MI left
- $466,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,765 | $82,765 | $318,765 |
| Second mortgage | — | $236,000 | — |
| First P&I | $561.45 | $561.45 | $2,159.43 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $79.98 | $79.98 | $63.75 |
| Taxes, insurance & HOA | $325.33 | $325.33 | $325.33 |
| Total housing payment | $966.76 | $2,657.50 | $2,548.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,235
Closing costs & prepaids$12,091
Usable credit−$0
Total buyer cash needed$48,325
Earnest money paid−$0
Remaining funds due$48,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$88.57
Prepaid interest, second (9 days)$450.99
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 closing17 yr 7 moOf the original 30-year loan at 4.34%
Interest already paid$53,504Through Dec 2026
Assumption only · ends Jul 2044$45,667
Assumption + second · ends Jul 2044, second Jan 2057$418,331
New conventional · ends Jan 2057$466,023