Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,215/mo
Lowest payment- Down payment
- $278,034
- Funds due
- $288,996
- Interest + MI left
- $52,400
- First ends
- Aug 2044
Assumption
Assumption + second
$2,934/mo
+$1,719/mo- Down payment
- $38,034
- Funds due
- $50,297
- Interest + MI left
- $431,381
- First ends
- Aug 2044
New loan
New conventional
$2,876/mo
+$1,661/mo- Down payment
- $38,034
- Funds due
- $46,873
- Interest + MI left
- $510,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,966 | $96,966 | $336,966 |
| Second mortgage | — | $240,000 | — |
| First P&I | $646.08 | $646.08 | $2,333.08 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $93.69 | $93.69 | $67.39 |
| Taxes, insurance & HOA | $475.25 | $475.25 | $475.25 |
| Total housing payment | $1,215.02 | $2,934.41 | $2,875.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,034
Closing costs & prepaids$12,263
Usable credit−$0
Total buyer cash needed$50,297
Earnest money paid−$0
Remaining funds due$50,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$312.75
Initial HOA (3 months)$663.00
Prepaid interest, first (1 days)$11.13
Prepaid interest, second (1 days)$50.96
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 closing17 yr 9 moOf the original 30-year loan at 4.190%
Interest already paid$59,664Through Nov 2026
Assumption only · ends Aug 2044$52,400
Assumption + second · ends Aug 2044, second Dec 2056$431,381
New conventional · ends Dec 2056$510,964