Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,194/mo
Lowest payment- Down payment
- $318,556
- Funds due
- $335,282
- Interest + MI left
- $248,054
- First ends
- Jan 2045
Assumption
Assumption + second
$5,921/mo
+$1,727/mo- Down payment
- $77,556
- Funds due
- $95,583
- Interest + MI left
- $628,614
- First ends
- Jan 2045
New loan
New conventional
$5,752/mo
+$1,558/mo- Down payment
- $77,556
- Funds due
- $91,796
- Interest + MI left
- $1,057,721
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,444 | $456,444 | $697,444 |
| Second mortgage | — | $241,000 | — |
| First P&I | $2,975.24 | $2,975.24 | $4,828.96 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $435.63 | $435.63 | $139.49 |
| Taxes, insurance & HOA | $783.17 | $783.17 | $783.17 |
| Total housing payment | $4,194.03 | $5,920.58 | $5,751.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,556
Closing costs & prepaids$18,027
Usable credit−$0
Total buyer cash needed$95,583
Earnest money paid−$0
Remaining funds due$95,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$598.50
Initial HOA (3 months)$1,101.00
Prepaid interest, first (1 days)$51.40
Prepaid interest, second (1 days)$51.17
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 2 moOf the original 30-year loan at 4.110%
Interest already paid$263,928Through Nov 2026
Assumption only · ends Jan 2045$248,054
Assumption + second · ends Jan 2045, second Dec 2056$628,614
New conventional · ends Dec 2056$1,057,721