Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $222,437
- Funds due
- $232,879
- Interest + MI left
- $69,249
- First ends
- Sep 2045
Assumption
Assumption + second
$2,675/mo
+$1,372/mo- Down payment
- $35,437
- Funds due
- $47,170
- Interest + MI left
- $376,219
- First ends
- Sep 2045
New loan
New conventional
$2,621/mo
+$1,319/mo- Down payment
- $35,437
- Funds due
- $43,774
- Interest + MI left
- $475,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,563 | $126,563 | $313,563 |
| Second mortgage | — | $187,000 | — |
| First P&I | $796.76 | $796.76 | $2,171.05 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $118.50 | $118.50 | $62.71 |
| Taxes, insurance & HOA | $387.58 | $387.58 | $387.58 |
| Total housing payment | $1,302.84 | $2,674.98 | $2,621.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,437
Closing costs & prepaids$11,733
Usable credit−$0
Total buyer cash needed$47,170
Earnest money paid−$0
Remaining funds due$47,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$556.75
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$13.80
Prepaid interest, second (1 days)$40.99
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$66,035Through Nov 2026
Assumption only · ends Sep 2045$69,249
Assumption + second · ends Sep 2045, second Dec 2056$376,219
New conventional · ends Dec 2056$475,477