Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $300,131
- Funds due
- $312,368
- Interest + MI left
- $93,026
- First ends
- Mar 2045
Assumption
Assumption + second
$3,597/mo
+$1,805/mo- Down payment
- $48,131
- Funds due
- $61,671
- Interest + MI left
- $490,955
- First ends
- Mar 2045
New loan
New conventional
$3,554/mo
+$1,762/mo- Down payment
- $48,131
- Funds due
- $58,155
- Interest + MI left
- $653,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,869 | $178,869 | $430,869 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,135.63 | $1,135.63 | $2,983.25 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $171.38 | $171.38 | $86.17 |
| Taxes, insurance & HOA | $484.33 | $484.33 | $484.33 |
| Total housing payment | $1,791.34 | $3,596.69 | $3,553.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,131
Closing costs & prepaids$13,540
Usable credit−$0
Total buyer cash needed$61,671
Earnest money paid−$0
Remaining funds due$61,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$593.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$18.92
Prepaid interest, second (1 days)$53.51
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 4 moOf the original 30-year loan at 3.860%
Interest already paid$95,915Through Nov 2026
Assumption only · ends Mar 2045$93,026
Assumption + second · ends Mar 2045, second Dec 2056$490,955
New conventional · ends Dec 2056$653,442