Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$896/mo
Lowest payment- Down payment
- $271,973
- Funds due
- $282,081
- Interest + MI left
- $46,018
- First ends
- Jul 2044
Assumption
Assumption + second
$2,586/mo
+$1,691/mo- Down payment
- $35,973
- Funds due
- $47,431
- Interest + MI left
- $418,682
- First ends
- Jul 2044
New loan
New conventional
$2,527/mo
+$1,631/mo- Down payment
- $35,973
- Funds due
- $44,030
- Interest + MI left
- $483,762
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,027 | $83,027 | $319,027 |
| Second mortgage | — | $236,000 | — |
| First P&I | $561.45 | $561.45 | $2,208.88 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $79.98 | $79.98 | $63.81 |
| Taxes, insurance & HOA | $254.25 | $254.25 | $254.25 |
| Total housing payment | $895.68 | $2,586.41 | $2,526.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,973
Closing costs & prepaids$11,458
Usable credit−$0
Total buyer cash needed$47,431
Earnest money paid−$0
Remaining funds due$47,431
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)$212.75
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$19.74
Prepaid interest, second (2 days)$100.22
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 8 moOf the original 30-year loan at 4.340%
Interest already paid$53,204Through Nov 2026
Assumption only · ends Jul 2044$46,018
Assumption + second · ends Jul 2044, second Dec 2056$418,682
New conventional · ends Dec 2056$483,762