Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $381,574
- Funds due
- $394,850
- Interest + MI left
- $104,398
- First ends
- May 2045
Assumption
Assumption + second
$4,258/mo
+$2,314/mo- Down payment
- $58,574
- Funds due
- $73,169
- Interest + MI left
- $614,443
- First ends
- May 2045
New loan
New conventional
$4,227/mo
+$2,283/mo- Down payment
- $58,574
- Funds due
- $69,550
- Interest + MI left
- $798,360
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,426 | $203,426 | $526,426 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,273.07 | $1,273.07 | $3,644.87 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $194.48 | $194.48 | $105.29 |
| Taxes, insurance & HOA | $476.75 | $476.75 | $476.75 |
| Total housing payment | $1,944.29 | $4,258.30 | $4,226.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,574
Closing costs & prepaids$14,595
Usable credit−$0
Total buyer cash needed$73,169
Earnest money paid−$0
Remaining funds due$73,169
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$615.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$20.96
Prepaid interest, second (1 days)$68.58
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$104,554Through Nov 2026
Assumption only · ends May 2045$104,398
Assumption + second · ends May 2045, second Dec 2056$614,443
New conventional · ends Dec 2056$798,360