Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $268,915
- Funds due
- $280,404
- Interest + MI left
- $82,702
- First ends
- Mar 2045
Assumption
Assumption + second
$3,244/mo
+$1,612/mo- Down payment
- $43,915
- Funds due
- $56,750
- Interest + MI left
- $437,996
- First ends
- Mar 2045
New loan
New conventional
$3,210/mo
+$1,578/mo- Down payment
- $43,915
- Funds due
- $53,288
- Interest + MI left
- $585,447
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,085 | $161,085 | $386,085 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,017.74 | $1,017.74 | $2,673.17 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $154.71 | $154.71 | $77.22 |
| Taxes, insurance & HOA | $460.08 | $460.08 | $460.08 |
| Total housing payment | $1,632.54 | $3,244.47 | $3,210.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,915
Closing costs & prepaids$12,834
Usable credit−$0
Total buyer cash needed$56,750
Earnest money paid−$0
Remaining funds due$56,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$552.25
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$33.54
Prepaid interest, second (2 days)$95.55
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 closing18 yr 4 moOf the original 30-year loan at 3.800%
Interest already paid$85,149Through Nov 2026
Assumption only · ends Mar 2045$82,702
Assumption + second · ends Mar 2045, second Dec 2056$437,996
New conventional · ends Dec 2056$585,447