Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,365/mo
Lowest payment- Down payment
- $283,157
- Funds due
- $294,387
- Interest + MI left
- $50,604
- First ends
- Jul 2043
Assumption
Assumption + second
$3,106/mo
+$1,741/mo- Down payment
- $40,157
- Funds due
- $52,740
- Interest + MI left
- $434,322
- First ends
- Jul 2043
New loan
New conventional
$3,038/mo
+$1,673/mo- Down payment
- $40,157
- Funds due
- $49,310
- Interest + MI left
- $544,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,843 | $115,843 | $358,843 |
| Second mortgage | — | $243,000 | — |
| First P&I | $762.42 | $762.42 | $2,484.56 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $121.02 | $121.02 | $71.77 |
| Taxes, insurance & HOA | $481.25 | $481.25 | $481.25 |
| Total housing payment | $1,364.69 | $3,105.57 | $3,037.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,157
Closing costs & prepaids$12,584
Usable credit−$0
Total buyer cash needed$52,740
Earnest money paid−$0
Remaining funds due$52,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$588.75
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$21.90
Prepaid interest, second (2 days)$103.19
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 closing16 yr 8 moOf the original 30-year loan at 3.450%
Interest already paid$66,983Through Nov 2026
Assumption only · ends Jul 2043$50,604
Assumption + second · ends Jul 2043, second Dec 2056$434,322
New conventional · ends Dec 2056$544,210