Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,385/mo
Lowest payment- Down payment
- $263,118
- Funds due
- $273,970
- Interest + MI left
- $74,600
- First ends
- Apr 2045
Assumption
Assumption + second
$2,968/mo
+$1,583/mo- Down payment
- $42,118
- Funds due
- $54,267
- Interest + MI left
- $423,578
- First ends
- Apr 2045
New loan
New conventional
$2,949/mo
+$1,564/mo- Down payment
- $42,118
- Funds due
- $50,809
- Interest + MI left
- $560,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,882 | $148,882 | $369,882 |
| Second mortgage | — | $221,000 | — |
| First P&I | $927.78 | $927.78 | $2,560.99 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $143.31 | $143.31 | $73.98 |
| Taxes, insurance & HOA | $314.08 | $314.08 | $314.08 |
| Total housing payment | $1,385.17 | $2,968.44 | $2,949.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,118
Closing costs & prepaids$12,149
Usable credit−$0
Total buyer cash needed$54,267
Earnest money paid−$0
Remaining funds due$54,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,120.00
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)$402.25
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$14.97
Prepaid interest, second (1 days)$46.92
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 5 moOf the original 30-year loan at 3.670%
Interest already paid$75,531Through Nov 2026
Assumption only · ends Apr 2045$74,600
Assumption + second · ends Apr 2045, second Dec 2056$423,578
New conventional · ends Dec 2056$560,877