Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,038/mo
Lowest payment- Down payment
- $245,827
- Funds due
- $256,061
- Interest + MI left
- $49,373
- First ends
- Jan 2045
Assumption
Assumption + second
$2,557/mo
+$1,519/mo- Down payment
- $33,827
- Funds due
- $45,401
- Interest + MI left
- $384,139
- First ends
- Jan 2045
New loan
New conventional
$2,520/mo
+$1,481/mo- Down payment
- $33,827
- Funds due
- $42,025
- Interest + MI left
- $461,299
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,173 | $92,173 | $304,173 |
| Second mortgage | — | $212,000 | — |
| First P&I | $597.46 | $597.46 | $2,106.03 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $88.22 | $88.22 | $60.83 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $1,038.34 | $2,557.14 | $2,519.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,827
Closing costs & prepaids$11,573
Usable credit−$0
Total buyer cash needed$45,401
Earnest money paid−$0
Remaining funds due$45,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$473.00
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$20.40
Prepaid interest, second (2 days)$90.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.040%
Interest already paid$52,470Through Nov 2026
Assumption only · ends Jan 2045$49,373
Assumption + second · ends Jan 2045, second Dec 2056$384,139
New conventional · ends Dec 2056$461,299