Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $345,008
- Funds due
- $357,446
- Interest + MI left
- $99,577
- First ends
- Sep 2045
Assumption
Assumption + second
$3,799/mo
+$2,092/mo- Down payment
- $53,008
- Funds due
- $66,758
- Interest + MI left
- $560,670
- First ends
- Sep 2045
New loan
New conventional
$3,768/mo
+$2,061/mo- Down payment
- $53,008
- Funds due
- $63,193
- Interest + MI left
- $718,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,992 | $181,992 | $473,992 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,145.71 | $1,145.71 | $3,281.82 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $170.40 | $170.40 | $94.80 |
| Taxes, insurance & HOA | $391.25 | $391.25 | $391.25 |
| Total housing payment | $1,707.36 | $3,799.28 | $3,767.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,008
Closing costs & prepaids$13,751
Usable credit−$0
Total buyer cash needed$66,758
Earnest money paid−$0
Remaining funds due$66,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,270.00
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)$493.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$19.84
Prepaid interest, second (1 days)$62.00
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 10 moOf the original 30-year loan at 3.980%
Interest already paid$94,955Through Nov 2026
Assumption only · ends Sep 2045$99,577
Assumption + second · ends Sep 2045, second Dec 2056$560,670
New conventional · ends Dec 2056$718,841