Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,763/mo
Lowest payment- Down payment
- $308,390
- Funds due
- $320,618
- Interest + MI left
- $92,503
- First ends
- Apr 2045
Assumption
Assumption + second
$3,619/mo
+$1,856/mo- Down payment
- $49,390
- Funds due
- $62,923
- Interest + MI left
- $501,486
- First ends
- Apr 2045
New loan
New conventional
$3,595/mo
+$1,832/mo- Down payment
- $49,390
- Funds due
- $59,396
- Interest + MI left
- $672,764
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,610 | $184,610 | $443,610 |
| Second mortgage | — | $259,000 | — |
| First P&I | $1,150.43 | $1,150.43 | $3,071.47 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | $177.70 | $177.70 | $88.72 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $1,763.13 | $3,618.63 | $3,595.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,390
Closing costs & prepaids$13,534
Usable credit−$0
Total buyer cash needed$62,923
Earnest money paid−$0
Remaining funds due$62,923
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,930.00
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)$505.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$54.99
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 5 moOf the original 30-year loan at 3.670%
Interest already paid$93,656Through Nov 2026
Assumption only · ends Apr 2045$92,503
Assumption + second · ends Apr 2045, second Dec 2056$501,486
New conventional · ends Dec 2056$672,764