Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$820/mo
Lowest payment- Down payment
- $299,447
- Funds due
- $309,831
- Interest + MI left
- $33,124
- First ends
- Sep 2043
Assumption
Assumption + second
$2,704/mo
+$1,884/mo- Down payment
- $36,447
- Funds due
- $48,193
- Interest + MI left
- $448,423
- First ends
- Sep 2043
New loan
New conventional
$2,636/mo
+$1,817/mo- Down payment
- $36,447
- Funds due
- $44,783
- Interest + MI left
- $490,625
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $60,553 | $60,553 | $323,553 |
| Second mortgage | — | $263,000 | — |
| First P&I | $428.36 | $428.36 | $2,240.22 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | $59.81 | $59.81 | $64.71 |
| Taxes, insurance & HOA | $331.42 | $331.42 | $331.42 |
| Total housing payment | $819.59 | $2,703.75 | $2,636.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,447
Closing costs & prepaids$11,746
Usable credit−$0
Total buyer cash needed$48,193
Earnest money paid−$0
Remaining funds due$48,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$265.25
Initial HOA (3 months)$279.00
Prepaid interest, first (2 days)$14.96
Prepaid interest, second (2 days)$111.68
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 10 moOf the original 30-year loan at 4.510%
Interest already paid$43,792Through Nov 2026
Assumption only · ends Sep 2043$33,124
Assumption + second · ends Sep 2043, second Dec 2056$448,423
New conventional · ends Dec 2056$490,625