Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$573/mo
Lowest payment- Down payment
- $272,522
- Funds due
- $282,634
- Interest + MI left
- $4,373
- First ends
- Mar 2045
Assumption
Assumption + second
$2,321/mo
+$1,748/mo- Down payment
- $28,522
- Funds due
- $39,936
- Interest + MI left
- $389,670
- First ends
- Mar 2045
New loan
New conventional
$2,315/mo
+$1,742/mo- Down payment
- $28,522
- Funds due
- $36,599
- Interest + MI left
- $385,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,478 | $10,478 | $254,478 |
| Second mortgage | — | $244,000 | — |
| First P&I | $62.50 | $62.50 | $1,761.95 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $8.73 | $8.73 | $50.90 |
| Taxes, insurance & HOA | $502.00 | $502.00 | $502.00 |
| Total housing payment | $573.23 | $2,321.27 | $2,314.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,522
Closing costs & prepaids$11,414
Usable credit−$0
Total buyer cash needed$39,936
Earnest money paid−$0
Remaining funds due$39,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$261.00
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$0.89
Prepaid interest, second (1 days)$51.81
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 23-year loan at 3.100%
Interest already paid$1,655Through Nov 2026
Assumption only · ends Mar 2045$4,373
Assumption + second · ends Mar 2045, second Dec 2056$389,670
New conventional · ends Dec 2056$385,933