Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,239/mo
Lowest payment- Down payment
- $286,037
- Funds due
- $296,954
- Interest + MI left
- $62,615
- First ends
- Apr 2045
Assumption
Assumption + second
$2,987/mo
+$1,748/mo- Down payment
- $42,037
- Funds due
- $54,256
- Interest + MI left
- $447,912
- First ends
- Apr 2045
New loan
New conventional
$2,968/mo
+$1,729/mo- Down payment
- $42,037
- Funds due
- $50,796
- Interest + MI left
- $559,483
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,963 | $124,963 | $368,963 |
| Second mortgage | — | $244,000 | — |
| First P&I | $778.73 | $778.73 | $2,554.63 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $120.28 | $120.28 | $73.79 |
| Taxes, insurance & HOA | $339.83 | $339.83 | $339.83 |
| Total housing payment | $1,238.84 | $2,986.89 | $2,968.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,037
Closing costs & prepaids$12,219
Usable credit−$0
Total buyer cash needed$54,256
Earnest money paid−$0
Remaining funds due$54,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,110.00
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)$389.50
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$12.56
Prepaid interest, second (1 days)$51.81
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 5 moOf the original 30-year loan at 3.670%
Interest already paid$63,396Through Nov 2026
Assumption only · ends Apr 2045$62,615
Assumption + second · ends Apr 2045, second Dec 2056$447,912
New conventional · ends Dec 2056$559,483