Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $266,683
- Funds due
- $277,043
- Interest + MI left
- $49,849
- First ends
- Aug 2044
Assumption
Assumption + second
$2,676/mo
+$1,655/mo- Down payment
- $35,683
- Funds due
- $47,391
- Interest + MI left
- $414,617
- First ends
- Aug 2044
New loan
New conventional
$2,613/mo
+$1,592/mo- Down payment
- $35,683
- Funds due
- $43,995
- Interest + MI left
- $484,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,317 | $88,317 | $319,317 |
| Second mortgage | — | $231,000 | — |
| First P&I | $598.60 | $598.60 | $2,210.89 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $84.57 | $84.57 | $63.86 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,021.17 | $2,676.08 | $2,612.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,683
Closing costs & prepaids$11,708
Usable credit−$0
Total buyer cash needed$47,391
Earnest money paid−$0
Remaining funds due$47,391
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$309.00
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$21.34
Prepaid interest, second (2 days)$98.10
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 closing17 yr 9 moOf the original 30-year loan at 4.410%
Interest already paid$56,914Through Nov 2026
Assumption only · ends Aug 2044$49,849
Assumption + second · ends Aug 2044, second Dec 2056$414,617
New conventional · ends Dec 2056$484,266